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.
afitch@thenational.ae
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
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If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com