Dubai Islamic Bank profits fell by 22% to reach 3.124 billion dirhams during the first nine months of this year, compared to 4.015 billion dirhams during the same period last year.
According to Arabiya Net, the summary financial statements of the bank showed that its revenues amounted to 9.89 billion dirhams, a decline of 3% compared to the same period last year.
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Net financing and sukuk investments rose to AED 234.5 billion compared to AED 184.2 billion in 2019, an increase of 27% since the beginning of the year.
Customer deposits rose to 214.6 billion AED, an increase of 31% since the beginning of the year, according to a statement issued by the bank. The percentage of current and saving accounts deposits increased to 39% compared to 33% at the end of 2019.
Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank, said that Dubai Islamic Bank's strategic acquisition of Noor Bank is taking place as scheduled to be completed at the end of this year. That the expected results of the strategic merger have begun to appear in practice, paving the way for strong growth and greater returns for our shareholders in the coming years.
