#Dubai Islamic Bank's FY net profit climbs 39% despite income drop | ZAWYA MENA Edition

Dubai Islamic Bank's FY net profit climbs 39% despite income drop | ZAWYA MENA Edition

Dubai Islamic Bank achieved a full-year 2021 net profit of 4.4 billion dirhams ($1.2 billion), up by 39 percent year-on-year, despite a 10 percent decline in total income.

The increase was primarily due to the ongoing lower rate environment and large corporate repayments during the year, the bank said in a filing to the Dubai Financial Market (DFM).

Customer deposits remained stable at 205.8 billion dirhams, with the current account savings account (CASA) growing by 4.4 percent to over 90 billion dirhams, now forming 44 percent of the customer deposit base.

Impairment charges fell by 46 percent to 2.44 million dirhams on "prudent underwriting and improving general market conditions," it said.

The bank has proposed a dividend of 25 percent, subject to shareholders’ approval.