Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world, concluded its Annual General Assembly (AGM) with the approval of the bank’s 2022 financial statements and other tabled resolutions, demonstrating the confidence of the shareholders in the bank's Board and management's strategic agenda for the coming years.
The strong financial results reported this year are a further testament to DIB’s role as a leader in the development of Islamic Finance in a year of exceptional global uncertainty.
Supported by a solid growth in the total income, the bank’s net profit reached the highest ever in the bank’s history with a 26 percent surge in 2022, and a balance sheet of AED 288 billion, culminating in a five-year CAGR of 7 percent. This significant profitability led to a 30 percent cash dividend aggregating to an amount of around AED 2.2 billion. Other agenda items concluded at the AGM included the announcement of the bank’s Board of Directions for the next three-year term, in addition to the reappointments of its Internal Sharia Supervision Committee and external Auditors for the year 2023.
Commenting on the bank’s performance and outlook, Mohammed Ibrahim AI Shaibani, Director-General of His Highness the Dubai Ruler's Court and Chairman of Dubai Islamic Bank, said,
“DIB’s extraordinary progress mirrors the continued pace of growth across the UAE economy, which DIB is proud to contribute to. Through its role as a leading Islamic financial institution, the Bank remains committed to transform and evolve the industry in the UAE and other major markets around the world.
“I would like to welcome the new elected Board members, and we look forward to working closely with them towards further successes and achievements in the years ahead. We extend a huge thanks to the outgoing board members for their hard work that played a big role in the progression of the organisation. Going forward, we are confident to continue to deliver a ground-breaking customer experience, revenue growth and sustainable returns for our valued shareholders,”
Dr. Adnan Chilwan, Group CEO of DIB, commented,
“DIB has posted spectacular results delivering AED 5.6 billion in net profits, the highest ever in the Bank’s history. I want to thank the shareholders for their confidence and support which was critical for the bank to deliver such an outstanding performance within a very uncertain global environment, I look forward to working closely with colleagues and partners to further drive sustained growth and value creation over the coming years.”
News Source: Emirates News Agency