Dubai Islamic Bank, the largest Islamic bank in the UAE by assets, said its full-year profit in 2013 jumped 42 per cent amid an uptick in business activity and a decline in bad loans.
Net income rose to Dh1.72 billion from Dh1.21bn in 2012, the Dubai-based lender said in an e-mailed statement.
The bank’s non-performing loan ratio declined to 11.1 per cent in 2013 from 12.9 per cent the previous year, it said.
Customer deposits rose 18.6 per cent to Dh79.1 billion at the end of 2013 from Dh66.7 billion the previous year, it said.
“On the back of improved market conditions and focused strategy over the past few years, DIB has posted a strong performance in 2013 with solid financial results,” said Mohamed Ibrahim Al Shaibani, the chairman. “The recent Expo 2020 win will provide a significant economic boost to all sectors across Dubai and the UAE and given the recent results, DIB is better positioned than ever to take advantage of the current positive market trends.”
The bank said its board of directors will recommend a dividend distribution of 25 fils per share, subject to the approval of its general assembly.
The bank’s shares closed at Dh6.16 on Tuesday.
mkassem@thenational.ae
