Dubai Islamic Bank

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Pages 57
table
Tables 28
Chart
Charts 27
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• Dubai Islamic Bank established in 1975 is the world’s first Sharia-compliant bank, and the largest Islamic Bank in UAE by assets.  .....

Summary

• Dubai Islamic Bank established in 1975 is the world’s first Sharia-compliant bank, and the largest Islamic Bank in UAE by assets. 
• A global bank with group assets of nearly USD 34bn, market capitalization close to USD 7.5bln, and workforce of more than 7,000 employees, DIB has a strong presence across the UAE, with growing international operations in Asia, Middle East and Africa. 
• DIB’s profit for the full year of 2014 came at USD 724.4mn, representing a rise of 65.2 per cent compared to last year, driven by increases in net interest income and non-interest income. 
• Net Interest Margin (NIM) increased by 20bps in 2014 while non-performing loans (as a percentage of total loans) decreased from 18.94 per cent in 2013 to 14.43 per cent in 2014. 
• DIB remains well capitalized (Capital Adequacy Ratio >16 per cent) with stable funding profile, strong asset quality and declining NPL. During 2010-2014, assets increased at a CAGR of 8 per cent and in 2014, the growth was 9.4 per cent. It indicates that efficiency to manage assets has improved. 
• In 2014, DIB acquired a 24.9 per cent stake in PT Bank Panin Syariah in Indonesia. Along with this, the company has stake in banks located in Sudan, Jordan, Bosnia, and these acquisitions operating in such volatile environments may present some downside risks. 
• DIB Stock price has outperformed the broader Dubai General Index and Dubai Bank Index consistently over the past five years, registering an annualized return of 19 per cent in the last 5 years, as opposed to the 14 per cent by the index.

TOC

  1. Executive Summary
  2. Business Overview
    • Overview
    • Porter Five Force Analysis
    • STEEPLED analysis
  3. Financial Overview
    • 2014 Results
    • Loans & Assets
    • Non-Interest Income
    • Non-Interest Expense
    • Net Interest Income & Net Income
    • Earnings Quality (EQ)
  4. Projections
  5. Peer Analysis
    • Domestic Peers
    • Regional Peers
    • Recent Developments
  6. Share Market Overview
    • Dividend
    • Risk Metrics
    • Liquidity
    • Analyst Calls
    • Credit Rating
  7. Appendix
    • Sector Overview
    • Corporate Governance

Tables & Charts

Tables
1.1: DIB Summary, 2014
1.2: DIB Business Review
1.3: DIB Financial Review
2.1: Top Banks in the Region, 2014
2.2: DIB International Footprint (Subsidiaries)
2.3: Financial Ratios
2.4: Summary of Porter’s Five Forces analysis
2.5: Summary of STEEPLED analysis
2.6: SWOT analysis, DIB
3.1: Earnings Quality across time periods
3.2: Earnings Quality Components, 2014
4.1: Projections for Income Statement, Balance Sheet
4.2: Dubai Islamic Bank – 2015 Target Metrics
4.3: Largest Current/Planned Projects in UAE (USD bn)
4.4: Credit Growth (in  per cent)
4.5: DIB Key Ratios
5.1: DIB Peers, 2014
5.2: Profitability Ratios, 2014
5.3: Asset Quality Metrics, 2014
5.4: Capital & Liquidity Ratios, 2014
5.5: Rankings of Regional Peers based on Market Cap (Values in USD bn)
6.1: Returns of DIB vs. Dubai Index
6.2: DIB Dividends, 2010-14
6.3: DIB Risk Metrics
6.4: DIB Liquidity Metrics
6.5: DIB Equity Calls
6.6: DIB Credit Rating
7.1: Board of Directors and Designation

Charts
2.1: Shareholder Ownership Structure of DIB
2.2: Actual Owned Foreign Investment structure of DIB
2.3: Dubai Islamic Bank: Business lines
2.4: Key Milestones
2.5: DIB Geographical Footprint
2.6: DIB  Branches and ATMs by region and sector (2014)
2.7: Business Mix – Income Before tax and Assets, 2014
2.8: Business Mix – Operating Expenses, 2014
2.9: GDP per capita, Purchasing Power Parity (2014)
3.1: Net Loans 2010-2014 (USD bn)
3.2: Assets by Sector, 2014
3.3: Islamic financing and investing assets by region and sector (Net), 2014
3.4: Assets 2010-14 (USD bn)
3.5: DIB Islamic Financing & Investing Assets
3.6: Total Deposits 2010-2014(USD bn)
3.7: Customer Deposits by Category
3.8: Customers’ Deposits by Geography
3.9: Non-Interest Income 2010-2014(USD mn)
3.10: Non-Interest Income Sources (USD mn)
3.11: Non-Interest Expense 2010-2014(USD mn)
3.12: Net-Interest Income & Net Income  2010-2014 (USD mn)
4.1: Real GDP growth
6.1: DIB vs. Dubai General Index, Rebased (2009-2014)
6.2: DIB Volume Traded (in mn) vs. Stock Price
6.3: Risk vs. Return: DIB, Peers and Dubai General Index, 2009-14
7.1: UAE Banking Sector (2009-2013) in AED bn
7.2: UAE Banks Credit Facilities by Sector 2014

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