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22 February 2024

Dubai Islamic Bank plans acquisitions: CEO

By Reuters

Dubai Islamic Bank (DIB) is targeting loan growth of around 10-15 percent in 2014 and is eyeing expansion in the Far East, East Africa and the Gulf region which could potentially include acquisitions, its chief executive said on Thursday.

The largest sharia-compliant lender in the emirate was aiming to maintain its net interest margin in 2014 at around the 3.25 percent level seen in the previous year, Adnan Chilwan said on a webcast to discuss the bank's full-year results.

DIB was also targeting a coverage ratio for non-performing loans of "as close to 70 percent as possible", up from 64 percent at the end of 2013, Chilwan added.

The bank had posted a 66 percent jump in fourth-quarter net profit on Wednesday on the back of lower financing costs and impairment charges.