DIBPL profit surges 38 percent

KARACHI: Dubai Islamic Bank Pakistan Limited (DIBPL) posted profit before tax of Rs5.7 billion for the year ended December 31, 2019, showing an increase of 38 percent over last year, a statement said.

Earnings per share stood at Rs2.87 compared to Rs2.15 for 2018. The bank’s net spread before provisions increased by 30 percent on the back of impressive growth in its financing portfolio, up 16 percent to close at Rs178 billion. The bank has also recorded robust growth in deposits by 15 percent, closing at Rs210 billion as compared to last year.

In 2019, VIS Credit Rating Company Limited (formerly known as JCR-VIS Credit Company Limited) upgraded the bank’s long-term/short-term ratings from ‘AA-/A-1’ (Double A minus/A-One) to ‘AA/A-1+’ (Double A/A-One Plus) on account of improved financial performance in terms of profitability, capitalisation, and liquidity.

Dubai Islamic Bank Pakistan has also achieved major accolades by winning seven awards globally, including the coveted CFA Society Pakistan Excellence Award in the “Best Islamic Bank” category. Other three awards were received from Islamic Finance Forum of South Asia (IFFSA), while three awards from Cambridge IFA, UK in the category of Best Islamic Retail Bank in Pakistan and Best Islamic Retail Banking Brand in Pakistan.