Dubai Islamic Bank, the largest Islamic bank in the UAE, said second quarter net profit jumped 14 per cent as income from financing, joint ventures and investment properties increased.
Net profit for the three month ending June 30 climbed to Dh1.38 billion, the lender said in a statement to the Dubai Financial market, where its shares trade. DIB beat the highest estimate of analysts polled by Bloomberg.
Income from investment properties jumped to Dh239.5 million at the end of the three-month period from Dh19.6m a year-earlier.
“We continue to sustain the growth of our balance sheet evidenced by the consistent increasing market share of DIB in the industry over the past few years,” said Dubai Islamic Bank managing director, Abdulla Al Hamli.
“The progress on digital ambitions continues with the launch of significantly enhanced products and services to the modern customer leading to a more personalised and secured banking journey that can be experienced anytime and anywhere.”
DIB posted a 12.5 per cent year-on-year rise in its first half net income which reached to Dh2.7bn on the back of an increase in revenue and strong liquidity position. Net operating revenue rose by 16 per cent year-on-year to Dh4.7bn in the first six months of this year, the bank added.
Operating expenses of the bank remained stable at Dh1.2bn in the first half of 2019 compared to Dh1.1bn during the same period last year whereas customer deposits stood at Dh156.9bn from Dh155.7bn at the end of 2018.
The strong performance in the second quarter comes as the bank considers acquisition of Noor Bank to boost growth. DIB last month recommended the takeover of its smaller rival to its shareholders.
“The acquisition of Noor Bank is in line with our disciplined yet flexible growth strategy which strikes the perfect balance between market dynamics and shareholder interest," said Adnan Chilwan, group chief executive of Dubai Islamic Bank. "The economics of the deal will allow us the opportunity to capitalise on synergies, notably cost efficiencies, digitisation, product and business development and most importantly the customer experience."
DIB has hired HSBC to advise on the possible acquisition deal. Noor Bank is working with Barclays on the transaction that would create an Islamic lender with Dh275bn in assets, The National reported in June.
RESULT
Arsenal 1 Chelsea 2
Arsenal: Aubameyang (13')
Chelsea: Jorginho (83'), Abraham (87')
UAE currency: the story behind the money in your pockets
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Look%20Both%20Ways
%3Cp%3EDirector%3A%20Wanuri%20Kahiu%3Cbr%3EStars%3A%20Lili%20Reinhart%2C%20Danny%20Ramirez%2C%20David%20Corenswet%2C%20Luke%20Wilson%2C%20Nia%20Long%3Cbr%3ERating%3A%203%2F5%3Cbr%3E%3C%2Fp%3E%0A
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
Result
Qualifier: Islamabad United beat Karachi Kings by eight wickets
Fixtures
Tuesday, Lahore: Eliminator 1 - Peshawar Zalmi v Quetta Gladiators
Wednesday, Lahore: Eliminator 2 – Karachi Kings v Winner of Eliminator 1
Sunday, Karachi: Final – Islamabad United v Winner of Eliminator 2
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
