{"id":193584,"date":"2021-04-28T19:01:53","date_gmt":"2021-04-28T19:01:53","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=193584"},"modified":"2021-04-28T19:01:55","modified_gmt":"2021-04-28T19:01:55","slug":"dubai-islamic-bank","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/dubai-islamic-bank\/","title":{"rendered":"Dubai Islamic Bank quarterly profits fell by 23% due to doubling provisions"},"content":{"rendered":"\n

The financial results <\/a>of Dubai Islamic Bank showed that the Bank\u2019s net profit during the first quarter of 2021 has decreased by 23%.<\/p>\n\n\n\n

Dubai Islamic Bank, the third largest Islamic bank in the world, recorded profits of 853 million dirhams, compared to 1.1 billion dirhams in the first quarter of 2020.<\/p>\n\n\n\n

The results indicated that the increase in profits before accounting for impairment provisions to 1.6 billion dirhams, compared to 1.59 billion dirhams in the same period last year.<\/p>\n\n\n\n

Dubai Islamic Bank<\/strong><\/h2>\n\n\n\n

In turn, Adnan Chilwan, CEO of the Dubai Islamic Bank Group, said that \u201cThe bank has continued to build provisions during the quarter amounting to nearly twice the value for the same period last year on a normalized basis\u201d.<\/p>\n\n\n\n

In its statement, the bank indicated that \u201cthe non-performing financing (NPF) ratio stood at 6.2%, with impaired financing at AED 12.9 billion vs AED 12.0 billion in end of 2020.\u201d<\/p>\n\n\n\n

\u201cTotal provisions against financing assets were AED 8.8 billion with provision coverage including collateral at 102% as of March 2021. Cost of risk for the period was 101 bps.\u201d<\/p>\n\n\n\n

The cost of standard risk in this period was 101 basis points, while the proportion of non-performing financing was at 6.2%, with non-performing financing of 12.9 billion dirhams, compared to 12 billion dirhams at the end of 2020.<\/p>\n\n\n\n

\u201cAs significant headwinds remain in the current environment, we continue to approach the year with extreme prudence, with focus on low risk sectors and those showing consistent signs of recovery as the market improves,\u201d said Adnan Chilwan.<\/p>\n\n\n\n

The results showed that the bank\u2019s total income was about 2.8 billion dirhams during the first quarter of this year, compared to 3.5 billion dirhams in the same period of 2020, a 20% decline.<\/p>\n\n\n\n

According to the Dubai Islamic statement, the recorded decline reflects the decline in the operating environment and local economic activity compared to the last quarter before the spread of the Coronavirus last year.<\/p>\n\n\n\n

Expenses decline<\/strong><\/h2>\n\n\n\n

On an annual basis, the bank’s operating expenses decreased by 27%, to reach 612 million dirhams in the first quarter of this year, compared to 839 million dirhams, making great use of synergies in the merger process.<\/p>\n\n\n\n

Dubai Islamic Bank\u2019s profits for the year 2020 decreased by 38%, on an annual basis, and its net profits during the past year amounted to 3.16 billion dirhams, compared to 5.1 billion dirhams during the previous year.<\/p>\n\n\n\n

The bank attributed the reason for the decline to the allocations it deducted to protect against any unforeseen events, and that the bank is poised to achieve a strong recovery in the near future.<\/p>\n\n\n\n

Last February, the Board of Directors recommended distributing 20% \u200b\u200bcash dividends, corresponding to 20 fils per share of the capital for the previous year.<\/p>\n\n\n\n

Keep reading: UAE Central Bank Extends The Period Of Zero-Cost Facilities Of $13.6 Bn<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The financial results of Dubai Islamic Bank showed that the Bank\u2019s net profit during the first quarter of 2021 has decreased by 23%. Dubai Islamic Bank, the third largest Islamic bank in the world, recorded profits of 853 million dirhams, compared to 1.1 billion dirhams in the first quarter of 2020. The results indicated that […]<\/p>\n","protected":false},"author":4,"featured_media":193585,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278,512],"class_list":["post-193584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured","tag-uae"],"yoast_head":"\nDubai Islamic Bank's quarterly profits fell by 23% due to provisions<\/title>\n<meta name=\"description\" content=\"Bnreport - The financial results of Dubai Islamic Bank showed the Bank\u2019s net profit during the first quarter of 2021 has decreased by 23%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/dubai-islamic-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai Islamic Bank's quarterly profits fell by 23% due to provisions\" \/>\n<meta property=\"og:description\" content=\"Bnreport - 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