Dubai: Dubai Islamic Bank (DIB) announced that Annual General Meeting (AGM) has approved the bank’s 2019 financial statements and other tabled resolutions, closing another year with strong returns to shareholders since the bank embarked on a growth agenda ten years ago.
For the year 2019, DIB reported a net profit of over Dh5.1 billion, the highest ever in its history. The strong financial performance has placed DIB amongst the top 3 most profitable banks in the UAE today. The shareholders also approved the dividend pay-out of 35 fils per share, increase in the foreign ownership limit in the bank’s share capital from 25 per cent to 40 per cent, and the election of DIB Board of Directors amongst other items of the agenda.
With the recent acquisition of Noor Bank, DIB is set to become one of the largest Islamic banks in the world, with total assets exceeding Dh275 billion ($75 billion).
“Over the last decade, we have been diligently working towards building a robust franchise which is able to successfully navigate the volatilities of global economics and maintain a financially strong and profitable growth trend. The sustained performance over the years has resulted in the balance sheet crossing AED 230 billion and the market share rising to circa 10%. Eyeing the tremendous interest from global investors, we have re-opened the doors for more foreign ownership with the enhancement of FOL to the maximum allowable 40 per cent limit,” Dr. Adnan Chilwan, Group CEO of DIB.