At Dh853m for Q1-2021, Dubai Islamic Bank's net profit is definitely in recovery mode | Banking – Gulf News
Dubai Islamic Bank will take a lot of strength from its first quarter 2021 numbers, with net profit up a whopping 2,337 per cent compared to what it was in the final three months of 2020. That’s Dh853 million between January to end March against Dh35 million in the fourth quarter of last year.
Just as important, impairment related losses were brought down to Dh751 million, from Dh1.9 billion, which is a 60 per cent decline. Net profit margin was more or less unchanged at 2.5 per cent.
DIB’s financials continue a trend where leading local banks have shown a strong recovery from the worst of the COVID-19 created disruptions in the second-half of last year. “The UAE banking sector continues to remain robust with healthy and well capitalized balance-sheets,” said Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.
“The further extension of the UAE Central Bank’s TESS programme will benefit and support the sector and DIB remains aligned to providing support to the domestic economy throughout this recovery period.” (TESS stands for Targetted Economic Support Scheme, which the Central Bank came up with to help businesses and individuals cope with the COVID-19 created hit.)
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