Dubai Islamic Bank posts Rs1,853m profit after tax

KARACHI: Dubai Islamic Bank Pakistan Limited, a wholly owned subsidiary of Dubai Islamic Bank UAE, in its recent board meeting held in Dubai approved the condensed interim financial statements of the bank for the first nine months of 2018.

Dubai Islamic Bank Pakistan CEO Junaid Ahmed stated that the bank has further accelerated its growth momentum and recorded impressive results with a record level growth of 65 per cent in profit after tax, which has increased to Rs1,853 million up from Rs1,121 million earned in the corresponding period last year. The bank recorded earnings per share (EPS) of Rs1.59.

The bank has achieved sustainable growth in its financing portfolio. Asset quality indicators of the bank showed positive trends which recorded the lowest non-performing financing ratios in the banking industry.

The major contributors to high profitability were net spread earned, which grew by 24 per cent while non-funded income increased by 12 per cent, compared to the same period last year. This increase was primarily attributed to growth in average earning assets, growth in high yielding corporate, commercial and consumer segments.