Dubai Islamic Bank Pakistan posts after tax profit of Rs 3.3 billion

Dubai Islamic Bank Pakistan Limited continued excellent performance and its growth trajectory in 2019. The Bank posted profit before tax of PKR. 5.7 Billion for the year ended December 31, 2019 showing an increase of 38% over last year. Earnings per share stood at PKR. 2.87 per share compared to PKR. 2.15 per share for 2018. The Bank's net spread before provisions increased by 30%, on the back of impressive growth in its financing portfolio by 16% closing at PKR. 178 Billion. The Bank has also recorded robust growth in deposits by 15% closing at PKR. 210 billion as compared to last year.

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                                      2019      2018    Growth
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Profit Before Tax in PKR million     5,688     4,120       38%
Profit After Tax in PKR million      3,346     2,509       33%
Earnings per share - PKR              2.87      2.15       33%
Deposits in PKR million            209,952   182,187       15%
Financing in PKR million           177,922   153,306       16%
Return on Equity (%)                17.20%    15.90%     1.30%
Return on Assets (%)                 1.35%     1.20%     0.15%
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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 metrices in terms of profitability, capitalization 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) & three awards from Cambridge IFA, UK in the category of Best Islamic Retail Bank in Pakistan & Best Islamic Retail Banking Brand in Pakistan.-PR