DIB reported a 34% fall in net profit last year due to high impairment charges and rising operating expenses. The largest Sharia-compliant lender in the UAE recorded an attributable net profit of AED 3.29b (around $895m) in 2020, with impairment charges of AED 4.5b.
The bank claims it took a “prudent approach” to any future scenarios, hence the high impairments.
Its chairman, Mohammed Al Shaibani, claimed that DIB was “capable of weathering changes and possesses the ability to come out as a winner.”
PS- Just last year, the lender bought rival Noor Bank and created a super-bank with over AED 275b in assets.