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% surge in 2022, and a balance sheet of AED 288 billion, culminating in a five-year CAGR of 7%. This significant profitability led to a 30% 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, His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness the Ruler’s Court of Dubai 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. On the 2022 AGM conclusion, 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 organization. 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: “Yet again, DIB has posted spectacular results, delivering AED 5.6 billion in net profits, the highest ever in the Bank’s history. Given the rate environment and surplus liquidity, we made a deliberate tactical move focused on quality and structural sourcing of business. This led us to support large corporate and public sector entities in adjusting and aligning their balance sheet for the new medium-term environment, a winning combination for customers, the Bank and the national economy.
“I want to take this opportunity 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.”
Looking to 2023 and beyond, the bank’s work as a leading Islamic financial institution, its award-winning digital platforms and strong commitment to sustainable finance have further strengthened DIB’s position in the UAE and the global banking space. Aligned to UAE Net Zero 2050 agenda, the Bank remains fully committed to contribute to the sustainable development of the nation through not just leading by example but also positively impacting and influencing the progress on ESG in the other sectors of the economy.