Dubai Islamic Bank (DIB) today reported Dh200 million (US$54.4m) of profits in the first quarter of this year, down by 46 per cent from the same period a year earlier.
The bank, the UAE's sixth-largest lender by assets, said its performance was affected by larger-than-usual provisions for bad loans and lower contributions to profits from subsidiaries.
DIB did not say how much money it had set aside as provisions, but the country's banks have rapidly added to provisions in recent months. Banks added Dh4.8 billion to their overall provisions in the first quarter of the year, according to Central Bank figures, as they raise reserves to cope with a rise in loan defaults.
Mohammed Ibrahim al Shaibani, the chairman of DIB and the director-general of The Ruler's Court of Dubai, said: "As we enter a phase of both continued challenges but also increased global and regional economic stability, Dubai Islamic Bank remains focused on meeting the needs of its clients in the UAE and overseas."
While profits fell, DIB said its total assets edged up to Dh85bn at the end of the quarter from Dh84.3bn at the end of the previous one. Its deposits also rose, to Dh64.7bn, from Dh64.2bn at the end of last year.
The bank said it had a capital adequacy ratio of 17.9 per cent at the end of the first quarter, well above the regulatory minimum of 11 per cent.
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Started: 2020
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National