Dubai Islamic Bank recorded a 17% decline in first quarter 2020 profits to reach 1.111 billion dirhams, compared to profits of 1.336 billion dirhams during the same period in 2019 .

According to Al Bayan newspaper, total income reached 3.56 billion dirhams in the first quarter of this year compared to 3.41 billion dirhams in the same period in 2019, with net revenue increasing To AED 2.43 billion in the first quarter of 2020

Operating expenses in the first quarter of 2020 reached 839 million dirhams after the merger of Noor Bank, compared to 599 million dirhams in the first quarter of 2019, and the average Cost to income 29.8% in the first quarter of 2020 without the expected synergies from the acquisition of Noor Bank, which will be achieved later in the year, while net profit margin reached 3% compared to 3.15% in 2019, within the thrust range. < / p> Profitability was achieved in the first quarter, despite the adoption of a deliberate, conservative, and cautious approach by the bank to create additional allocations of approximately 1.5 billion dirhams (compensation in excess of one billion AED dirhams on a Noor Bank purchase) to control the impact of the Covid-19 pandemic, if any, as well as lower oil prices and profit rates.

The rate of return on assets reached 2.08%, the rate of return on equity has reached 16% for this period, and net financing and Sukuk investments increased to 216.2 billion dirhams, an increase of 17 % Since the beginning of the year to date.

Total assets increased by 19% at the end of the first quarter of this year to 276.4 billion dirhams, and customer deposits increased to 199.9 billion dirhams, an increase of 22% since the beginning of the year To date.

The ratio of financing to deposits reached 90%, the non-performing financing rate was 4.3%, with the cash coverage rate reaching 100%, and the overall coverage reached, including It has guarantees at discounted value to 138%.

The capital adequacy ratio was 16.5%, while the first tier ratio for common capital was 12.1%.

His Excellency Mohammed Ibrahim Al-Shaibani, Director of the Ruler's Court of Dubai and Chairman of the Board of Directors of Dubai Islamic Bank, said: All countries of the world have witnessed exceptional conditions over the past few months, where It joined forces to combat the current global pandemic. Many thanks to the wise leadership of the United Arab Emirates, the country presented an inspiring model and took immediate and strict measures to maintain the highest levels of health and safety, in addition to implementing economic reforms to ensure that our business and services continue to function in the fullest light in the current environment.

He added: The UAE banking sector has rushed to provide the necessary support to banks and customers, with various relief and stimulus measures amounting to more than $ 70 billion, implemented in line with Regulatory directives. We at Dubai Islamic Bank remain committed to supporting these initiatives taken by the government ...