The DIB board is recommending its shareholders acquire 100 per cent of Noor shares. Chris Whiteoak / The National
The DIB board is recommending its shareholders acquire 100 per cent of Noor shares. Chris Whiteoak / The National
The DIB board is recommending its shareholders acquire 100 per cent of Noor shares. Chris Whiteoak / The National
The DIB board is recommending its shareholders acquire 100 per cent of Noor shares. Chris Whiteoak / The National

DIB's credit growth may climb to 15% this year, Moody's says


Jennifer Gnana
  • English
  • Arabic

Moody’s expects DIB’s credit growth to be 10 to 15 per cent in 2018, which combined with the capital increase will maintain strong and stable capital buffers over the next 12 to 18 months, the agency said in a note on Saturday.

DIB, the largest shariah-compliant lender in the UAE, closed subscription for around Dh51 billion rights issue towards the end of May, which increased total shareholder equity to Dh31.2bn from Dhs26.1bn as of March 2018.

The rights issue "will support DIB's liquidity" which had been on the decline since 2013 as a result of higher-than-average-credit growth.

The agency expects the rights issue along with the issuance of $1bn of sukuk in January will ensure stable liquidity levels of above 20 per cent of tangible banking assets over the next 12-to-18 months for the Islamic lender.

"The capital increase is credit positive for DIB because it replenishes reserves and enhances loss-absorption buffers .... after high growth during 2013-17," according to Moody's.

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In April, Dubai Islamic Bank posted a 16.4 per cent year-on-year jump in net profit, as revenues climbed on the back of higher income from fees and commission business.

Net income attributable to equity owners surged to Dh1.17bn from Dh1bn reported for the same period in 2017, DIB said in a statement to the Dubai Financial Market at the time. Net revenue for the period amounted to Dh1.97bn, a 9 per cent rise from a year-earlier, supported by 15.5 per cent growth in fees and commissions income, it said.

The results beat five analysts' estimates averaging Dh1.14bn, according to Bloomberg. The first-quarter net income was above SICO Bahrain's forecast by 4 per cent.

Scoreline

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Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')

Red cards: Ismail Ahmed (Al Ain) 77'

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Name: Kumulus Water
 
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Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

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Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

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ESSENTIALS

The flights 

Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes. 

Where to stay 

The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.

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1. India - 270 ranking points

 

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4. South Africa - 253 points

 

5. Australia - 251 points 

 

6. New Zealand - 250 points

 

7. West Indies - 240 points

 

8. Bangladesh - 233 points

 

9. Sri Lanka - 230 points

 

10. Afghanistan - 226 points

 
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