Dubai Islamic Bank (DIB) has repaid the AED3.75bn ($1.02bn) deposit it received from the UAE’s Finance Ministry ahead of maturity.
“The bank is now well established on a growth strategy, aligning itself to the improved market conditions in Dubai and the UAE,” says Adnan Chilwan, the bank’s deputy chief executive officer (CEO). In March 2012, the bank repaid its maturing $750m sukuk from its own resources and the robust liquidity position has enabled DIB to settle [the Finance Ministry] deposit as well.”
Last month, DIB announced the successful pricing of a $1bn Tier 1 capital-eligible issuance, which will provide a boost to the current Tier 1 capital ratio.
In 2012, DIB group reported a net profit of AED1.19bn, an increase of 13 per cent in 2011, when its profit totalled AED1.05bn.