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October 28, 2015 | 11:48 | Dubai
Dubai Financial Market-listed Dubai Islamic Bank posted a net profit of AED 2.80 billion for nine months period ended September 30, 2015. This is up 36% compared with AED 2.06 billion for the same period last year. Total income also increased to AED 5.52 billion, up 20% compared with AED 4.61 billion on a yearly basis, the bank said in a statement announcing its results for the period.
The bank also showed improvement on other matrices such as NIM that improved to 3.72% from 3.38% while cost to income ratio improved to 34.1% from 34.8% for the same period of 2014. Apart from robust profitability growth, the banks also showed strong growth in earning assets across all business segments as well as continuous improvements in asset quality.
The bank showed strong capitalization and liquidity position, with capital adequacy ratio rising to 16.5% vs 14.9% at end of 2014. Net impairment losses declined to AED 341 million for the period ending September 30, 2015 compared with AED 538 million for the same period in 2014, a clear sign of consistent improvement in asset quality. Non-performing assets have shown a consistent decline with NPL ratio improving to 5.9%, compared with 8% at the end of 2014.