Dubai Islamic Bank Group profit up by 63%

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Dubai Islamic Bank Group profit up by 63%

Dubai Islamic Bank Group profit up by 63%

(Dubai) – Dubai Islamic Bank, the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, announced its results for the year ended December 31st, 2014.
The report says that Net Profit for the year 2014 increased to Dh2.80 billion, up 63% compared to Dh1.70 billion for 2013. Gross Revenue increased to Dh6.3 billion, up 20% from Dh5.3 billion for the year 2013. Net operating revenue increased to Dh5.6 billion, up 32% from Dh4.2 billion for 2013 on account of growth in core business. Net operating profit before impairment stood at Dh3.52 billion, up 38% from Dh2.55 billion for 2013. Cost to income ratio improved from 39.9% in 2013 to 36.7% in 2014.
The report says that net revenue for the period ended 2014 amounted to Dh5,569 million, an increase of 31.5% compared with Dh4.2 billion in the same period of 2013. The increase in net revenue is mainly due to growth in core business coupled with savings achieved due to early settlement of high cost funding using bank’s surplus liquidity. Despite intense competition and aggressive pricing seen in the market, the bank was able to improve the net funded income margin to 3.57% from 3.34%.
(Courtesy WAM)