Dubai Islamic Bank Pakistan Limited continued its excellent performance as its growth trajectory showed a 33 percent year-on-year profit growth in 2019.
The bank profit increased to Rs. 3.34 billion in 2019 as compared to Rs. 2.5 billion in 2018.
Its net spread before provisions increased by 30%, on the back of impressive growth in its financing portfolio by 16%, closing at Rs. 178 Billion.
The bank also recorded robust growth in deposits by 15% closing at Rs. 210 billion as compared to last year. The bank’s earning per share grew to Rs. 2.87 from Rs. 2.15. It has been active in trade financing in the corporate sector, also taking a major share in Energy Sukuk Fund of Rs. 200 billion issued by the government.
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 metrics in terms of profitability, capitalization and liquidity.
