KARACHI (PR) Dubai Islamic Bank Pakistan Limited (wholly owned subsidiary of Dubai Islamic Bank UAE), in its recent Board meeting held in Dubai, approved the condensed interim financial statements of the Bank for the nine months period ended September 30, 2018.
Junaid Ahmed, CEO Dubai Islamic Bank Pakistan, stated that the Bank has further accelerated its growth momentum and recorded impressive results with a record level growth of 65% in profit after tax, which has increased to Rs 1,853 million up from Rs 1,121 million earned in corresponding period last year. The Bank recorded earnings per share (EPS) of PKR 1.59.
The Bank has achieved sustainable growth in its financing portfolio. Asset quality indicators of the Bank showed positive trends which recorded lowest non-performing financing ratios in the banking industry.
The major contributors in high profitability were net spread earned, which grew by 24% while non-funded income increased by 12%, compared to same period last year.
This increase was primarily attributed to growth in average earning assets, growth in high yielding corporate, commercial and consumer segments. Dubai Islamic Bank Pakistan is currently operating with 200 branches and 40 branchless banking booths across Pakistan.
