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Dubai Islamic Bank

DFM: DIB · Initiation of coverage · strict model

Rating

Equal-Weight

Fair value

AED 7.98

Analyst

S. Rahman

Status

published

Model reviewer

DIB_Financial_Model_2026-08-28.xlsx · 213 editable inputs · recalculated 2026-08-28 10:27:50

Assumptions blue workbook inputs

YoY growth % - FY2026EG8

YoY growth % - FY2027EH8

YoY growth % - FY2028EI8

YoY growth % - FY2029EJ8

YoY growth % - FY2030EK8

YoY growth % - FY2026EG10

YoY growth % - FY2027EH10

YoY growth % - FY2028EI10

YoY growth % - FY2029EJ10

YoY growth % - FY2030EK10

Gross yield on average earning assets % - FY2026EG15

Gross yield on average earning assets % - FY2027EH15

Gross yield on average earning assets % - FY2028EI15

Gross yield on average earning assets % - FY2029EJ15

Gross yield on average earning assets % - FY2030EK15

YoY growth % - FY2026EG20

YoY growth % - FY2027EH20

YoY growth % - FY2028EI20

YoY growth % - FY2029EJ20

YoY growth % - FY2030EK20

Due to banks and financial institutions - FY2026EG22

Due to banks and financial institutions - FY2027EH22

Due to banks and financial institutions - FY2028EI22

Due to banks and financial institutions - FY2029EJ22

Due to banks and financial institutions - FY2030EK22

Sukuk issued (senior) - FY2026EG23

Sukuk issued (senior) - FY2027EH23

Sukuk issued (senior) - FY2028EI23

Sukuk issued (senior) - FY2029EJ23

Sukuk issued (senior) - FY2030EK23

Cost of funds on average funding % - FY2026EG26

Cost of funds on average funding % - FY2027EH26

Cost of funds on average funding % - FY2028EI26

Cost of funds on average funding % - FY2029EJ26

Cost of funds on average funding % - FY2030EK26

YoY growth % - FY2026EG34

YoY growth % - FY2027EH34

YoY growth % - FY2028EI34

YoY growth % - FY2029EJ34

YoY growth % - FY2030EK34

Income from properties held for development and sale - FY2026EG35

Income from properties held for development and sale - FY2027EH35

Income from properties held for development and sale - FY2028EI35

Income from properties held for development and sale - FY2029EJ35

Income from properties held for development and sale - FY2030EK35

Income from investment properties - FY2026EG36

Income from investment properties - FY2027EH36

Income from investment properties - FY2028EI36

Income from investment properties - FY2029EJ36

Income from investment properties - FY2030EK36

Income from other investments at FV, net - FY2026EG37

Income from other investments at FV, net - FY2027EH37

Income from other investments at FV, net - FY2028EI37

Income from other investments at FV, net - FY2029EJ37

Income from other investments at FV, net - FY2030EK37

Share of profit of associates and JVs - FY2026EG38

Share of profit of associates and JVs - FY2027EH38

Share of profit of associates and JVs - FY2028EI38

Share of profit of associates and JVs - FY2029EJ38

Share of profit of associates and JVs - FY2030EK38

Other income - FY2026EG39

Other income - FY2027EH39

Other income - FY2028EI39

Other income - FY2029EJ39

Other income - FY2030EK39

Depreciation of investment properties - FY2026EG23

Depreciation of investment properties - FY2027EH23

Depreciation of investment properties - FY2028EI23

Depreciation of investment properties - FY2029EJ23

Depreciation of investment properties - FY2030EK23

Depreciation of property and equipment - FY2026EG24

Depreciation of property and equipment - FY2027EH24

Depreciation of property and equipment - FY2028EI24

Depreciation of property and equipment - FY2029EJ24

Depreciation of property and equipment - FY2030EK24

Cost of risk (bps on avg net financing) - FY2026EG30

Cost of risk (bps on avg net financing) - FY2027EH30

Cost of risk (bps on avg net financing) - FY2028EI30

Cost of risk (bps on avg net financing) - FY2029EJ30

Cost of risk (bps on avg net financing) - FY2030EK30

Effective tax rate % - FY2026EG34

Effective tax rate % - FY2027EH34

Effective tax rate % - FY2028EI34

Effective tax rate % - FY2029EJ34

Effective tax rate % - FY2030EK34

NCI share of net profit % - FY2026EG38

NCI share of net profit % - FY2027EH38

NCI share of net profit % - FY2028EI38

NCI share of net profit % - FY2029EJ38

NCI share of net profit % - FY2030EK38

Tier 1 sukuk coupons (equity appropriation, memo) - FY2026EG41

Tier 1 sukuk coupons (equity appropriation, memo) - FY2027EH41

Tier 1 sukuk coupons (equity appropriation, memo) - FY2028EI41

Tier 1 sukuk coupons (equity appropriation, memo) - FY2029EJ41

Tier 1 sukuk coupons (equity appropriation, memo) - FY2030EK41

DPS declared for the year (fils) - FY2026EG43

DPS declared for the year (fils) - FY2027EH43

DPS declared for the year (fils) - FY2028EI43

DPS declared for the year (fils) - FY2029EJ43

DPS declared for the year (fils) - FY2030EK43

Due from banks and financial institutions - FY2026EG8

Due from banks and financial institutions - FY2027EH8

Due from banks and financial institutions - FY2028EI8

Due from banks and financial institutions - FY2029EJ8

Due from banks and financial institutions - FY2030EK8

Other investments at fair value - FY2026EG11

Other investments at fair value - FY2027EH11

Other investments at fair value - FY2028EI11

Other investments at fair value - FY2029EJ11

Other investments at fair value - FY2030EK11

Investments in associates and joint ventures - FY2026EG12

Investments in associates and joint ventures - FY2027EH12

Investments in associates and joint ventures - FY2028EI12

Investments in associates and joint ventures - FY2029EJ12

Investments in associates and joint ventures - FY2030EK12

Properties held for development and sale - FY2026EG13

Properties held for development and sale - FY2027EH13

Properties held for development and sale - FY2028EI13

Properties held for development and sale - FY2029EJ13

Properties held for development and sale - FY2030EK13

Investment properties - FY2026EG14

Investment properties - FY2027EH14

Investment properties - FY2028EI14

Investment properties - FY2029EJ14

Investment properties - FY2030EK14

Receivables and other assets - FY2026EG15

Receivables and other assets - FY2027EH15

Receivables and other assets - FY2028EI15

Receivables and other assets - FY2029EJ15

Receivables and other assets - FY2030EK15

Property and equipment - FY2026EG16

Property and equipment - FY2027EH16

Property and equipment - FY2028EI16

Property and equipment - FY2029EJ16

Property and equipment - FY2030EK16

Payables and other liabilities - FY2026EG24

Payables and other liabilities - FY2027EH24

Payables and other liabilities - FY2028EI24

Payables and other liabilities - FY2029EJ24

Payables and other liabilities - FY2030EK24

Zakat payable - FY2026EG25

Zakat payable - FY2027EH25

Zakat payable - FY2028EI25

Zakat payable - FY2029EJ25

Zakat payable - FY2030EK25

Share capital - FY2026EG29

Share capital - FY2027EH29

Share capital - FY2028EI29

Share capital - FY2029EJ29

Share capital - FY2030EK29

Tier 1 sukuk - FY2026EG30

Tier 1 sukuk - FY2027EH30

Tier 1 sukuk - FY2028EI30

Tier 1 sukuk - FY2029EJ30

Tier 1 sukuk - FY2030EK30

Other reserves and treasury shares - FY2026EG31

Other reserves and treasury shares - FY2027EH31

Other reserves and treasury shares - FY2028EI31

Other reserves and treasury shares - FY2029EJ31

Other reserves and treasury shares - FY2030EK31

Investments fair value reserve - FY2026EG32

Investments fair value reserve - FY2027EH32

Investments fair value reserve - FY2028EI32

Investments fair value reserve - FY2029EJ32

Investments fair value reserve - FY2030EK32

Exchange translation reserve - FY2026EG33

Exchange translation reserve - FY2027EH33

Exchange translation reserve - FY2028EI33

Exchange translation reserve - FY2029EJ33

Exchange translation reserve - FY2030EK33

Earning asset growth, CAGR % - BullB7

Earning asset growth, CAGR % - BaseC7

Earning asset growth, CAGR % - BearD7

Net profit margin (NFI / avg earning assets) % - BullB8

Net profit margin (NFI / avg earning assets) % - BaseC8

Net profit margin (NFI / avg earning assets) % - BearD8

Non-funded income growth p.a. % - BullB9

Non-funded income growth p.a. % - BaseC9

Non-funded income growth p.a. % - BearD9

Cost-to-income ratio % - BullB10

Cost-to-income ratio % - BaseC10

Cost-to-income ratio % - BearD10

Cost of risk (bps on avg financing) - BullB11

Cost of risk (bps on avg financing) - BaseC11

Cost of risk (bps on avg financing) - BearD11

Effective tax rate % - BullB12

Effective tax rate % - BaseC12

Effective tax rate % - BearD12

Risk-free rate (10Y UST) % - FY2021AB23

Equity risk premium % - FY2021AB24

Beta - FY2021AB25

Country/size adjustment % - FY2021AB26

Terminal growth % - FY2021AB28

Share price (AED) - FY2021AB31

Shares outstanding (m) - FY2021AB32

Terminal payout ratio (normalized) - 2026EB15

Sustainable ROTE % - 2026EB22

input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A6

input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A7

input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A8

input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A9

input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A10

input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A14

input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A15

input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A16

input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A17

input - GRID 1: JUSTIFIED P/TBV VALUE — Sustainable ROTE (cols) x Cost of equity (rows)A18

Target P/E (x) applied to 2026E EPS - CountryB17

Target P/TBV (x) applied to 2026E TBVPS - CountryB18

Justified P/TBV (Gordon growth on ROTE) - WeightC5

Dividend discount model - WeightC6

Trading comparables - WeightC7

Historical multiples (10y P/E 9.4x; P/TBV 1.40x) - WeightC8

Edits write to the Excel master; every dependent figure, table and chart input recalculates.

Revenue Model Income Statement Balance Sheet Cash Flow Scenarios DCF Inputs DCF-DDM Sensitivity Comps Valuation Summary editable input estimate years Expand

Dubai Islamic Bank — Consolidated Income Statement — AED millions · FY2021-2025 audited · 2026E-2030E linked to Revenue Model · Blue = input/assumption · Black = actual/formula · Green = link

	FY2021A	FY2022A	FY2023A	FY2024A	FY2025A	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E

Income from Islamic financing and investing transactions	9,013	11,739	17,227	19,454	19,548	20,665	20,911	21,710	23,302	24,923
Depositors' and sukuk-holders' share of profit	-2,373	-3,634	-8,477	-10,505	-10,576	-11,402	-11,234	-11,741	-12,643	-13,552
NET FUNDED INCOME	6,639	8,104	8,749	8,949	8,972	9,263	9,676	9,968	10,659	11,371

Commissions, fees and FX income	1,655	1,601	1,795	1,748	1,874	1,986	2,106	2,232	2,366	2,508
Income from other investments at FV, net	20.60	56.10	30.90	17.10	28.20	25	25	25	25	25
Income from properties held for development and sale	82.50	137.80	237.20	341.50	487.50	450	425	400	400	400
Income from investment properties	224.60	230.10	343.80	738.90	504.70	300	300	300	300	300
Share of profit of associates and joint ventures	115.90	128.30	214.90	485.30	381.40	400	420	440	460	480
Other income	683.90	209.30	294.20	556.10	1,004	1,000	800	800	850	900
TOTAL NON-FUNDED INCOME	2,782	2,362	2,916	3,887	4,279	4,161	4,076	4,197	4,401	4,613

NET OPERATING REVENUE	9,422	10,467	11,665	12,836	13,251	13,424	13,752	14,165	15,060	15,984
YoY growth %		11.1%	11.44%	10.04%	3.23%	1.31%	2.44%	3%	6.32%	6.14%

Personnel expenses	-1,511	-1,583	-1,724	-1,989	-2,257	-2,370	-2,488	-2,613	-2,743	-2,880
General and administrative expenses	-838.60	-966.50	-1,232	-1,181	-1,251	-1,301	-1,353	-1,407	-1,463	-1,522
Depreciation of investment properties	-57.80	-64	-63.40	-64.80	-57.40	-55	-55	-55	-55	-55
Depreciation of property and equipment	-121.50	-119.50	-142.20	-190	-197.60	-205	-215	-225	-235	-245
TOTAL OPERATING EXPENSES	-2,529	-2,733	-3,162	-3,425	-3,763	-3,931	-4,111	-4,300	-4,497	-4,702
Cost-to-income ratio %	26.85%	26.11%	27.1%	26.68%	28.4%	29.28%	29.9%	30.35%	29.86%	29.42%

PRE-IMPAIRMENT OPERATING PROFIT	6,892	7,734	8,503	9,412	9,488	9,493	9,641	9,865	10,563	11,282
Impairment charges, net	-2,448	-2,103	-1,396	-406.80	-485.40	-825.47	-1,205	-1,470	-1,584	-1,699
Cost of risk (bps on avg net financing)	99	84	60	14	14	30	40	45	45	45

PROFIT BEFORE INCOME TAX	4,444	5,631	7,107	9,005	9,003	8,668	8,436	8,395	8,979	9,583
Income tax expense	-38.10	-79.20	-97.60	-839.90	-1,195	-1,214	-1,265	-1,259	-1,347	-1,437
Effective tax rate %	0.86%	1.41%	1.37%	9.33%	13.27%	14%	15%	15%	15%	15%

NET PROFIT	4,406	5,552	7,010	8,165	7,808	7,454	7,170	7,136	7,632	8,145
Attributable to non-controlling interests	15	77.40	212.30	231	307.30	313.09	301.16	299.70	320.54	342.11
NCI share of net profit %	0.34%	1.39%	3.03%	2.83%	3.94%	4.2%	4.2%	4.2%	4.2%	4.2%
ATTRIBUTABLE TO OWNERS OF THE BANK	4,391	5,474	6,798	7,934	7,500	7,141	6,869	6,836	7,311	7,803

Tier 1 sukuk coupons (equity appropriation, memo)	-554.40	-404	-404	-404	-414.40	-420	-420	-420	-420	-420
EPS (AED)	0.53	0.70	0.88	1.04	0.98	0.93	0.89	0.89	0.95	1.02
DPS declared for the year (fils)	25	30	45	45	35	35	38	40	42	45
Payout ratio % (of attributable)	41.22%	39.68%	47.93%	41.07%	33.79%	35.49%	40.05%	42.37%	41.59%	41.76%

ROA % (net profit / avg total assets)		1.96%	2.33%	2.48%	2.05%	1.74%	1.57%	1.44%	1.44%	1.43%
ROTE % (attr. less T1 coupons / avg tangible common equity)		15.93%	18.44%	19.81%	17.22%	15.07%	13.31%	12.35%	12.41%	12.42%

	FY2021A	FY2022A	FY2023A	FY2024A	FY2025A	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E

Income from Islamic financing and investing transactions	9,013	11,739	17,227	19,454	19,548	20,665	20,911	21,710	23,302	24,923
Depositors' and sukuk-holders' share of profit	-2,373	-3,634	-8,477	-10,505	-10,576	-11,402	-11,234	-11,741	-12,643	-13,552
NET FUNDED INCOME	6,639	8,104	8,749	8,949	8,972	9,263	9,676	9,968	10,659	11,371

Commissions, fees and FX income	1,655	1,601	1,795	1,748	1,874	1,986	2,106	2,232	2,366	2,508
Income from other investments at FV, net	20.60	56.10	30.90	17.10	28.20	25	25	25	25	25
Income from properties held for development and sale	82.50	137.80	237.20	341.50	487.50	450	425	400	400	400
Income from investment properties	224.60	230.10	343.80	738.90	504.70	300	300	300	300	300
Share of profit of associates and joint ventures	115.90	128.30	214.90	485.30	381.40	400	420	440	460	480
Other income	683.90	209.30	294.20	556.10	1,004	1,000	800	800	850	900
TOTAL NON-FUNDED INCOME	2,782	2,362	2,916	3,887	4,279	4,161	4,076	4,197	4,401	4,613

NET OPERATING REVENUE	9,422	10,467	11,665	12,836	13,251	13,424	13,752	14,165	15,060	15,984
YoY growth %		11.1%	11.44%	10.04%	3.23%	1.31%	2.44%	3%	6.32%	6.14%

Personnel expenses	-1,511	-1,583	-1,724	-1,989	-2,257	-2,370	-2,488	-2,613	-2,743	-2,880
General and administrative expenses	-838.60	-966.50	-1,232	-1,181	-1,251	-1,301	-1,353	-1,407	-1,463	-1,522
Depreciation of investment properties	-57.80	-64	-63.40	-64.80	-57.40	-55	-55	-55	-55	-55
Depreciation of property and equipment	-121.50	-119.50	-142.20	-190	-197.60	-205	-215	-225	-235	-245
TOTAL OPERATING EXPENSES	-2,529	-2,733	-3,162	-3,425	-3,763	-3,931	-4,111	-4,300	-4,497	-4,702
Cost-to-income ratio %	26.85%	26.11%	27.1%	26.68%	28.4%	29.28%	29.9%	30.35%	29.86%	29.42%

PRE-IMPAIRMENT OPERATING PROFIT	6,892	7,734	8,503	9,412	9,488	9,493	9,641	9,865	10,563	11,282
Impairment charges, net	-2,448	-2,103	-1,396	-406.80	-485.40	-825.47	-1,205	-1,470	-1,584	-1,699
Cost of risk (bps on avg net financing)	99	84	60	14	14	30	40	45	45	45

PROFIT BEFORE INCOME TAX	4,444	5,631	7,107	9,005	9,003	8,668	8,436	8,395	8,979	9,583
Income tax expense	-38.10	-79.20	-97.60	-839.90	-1,195	-1,214	-1,265	-1,259	-1,347	-1,437
Effective tax rate %	0.86%	1.41%	1.37%	9.33%	13.27%	14%	15%	15%	15%	15%

NET PROFIT	4,406	5,552	7,010	8,165	7,808	7,454	7,170	7,136	7,632	8,145
Attributable to non-controlling interests	15	77.40	212.30	231	307.30	313.09	301.16	299.70	320.54	342.11
NCI share of net profit %	0.34%	1.39%	3.03%	2.83%	3.94%	4.2%	4.2%	4.2%	4.2%	4.2%
ATTRIBUTABLE TO OWNERS OF THE BANK	4,391	5,474	6,798	7,934	7,500	7,141	6,869	6,836	7,311	7,803

Tier 1 sukuk coupons (equity appropriation, memo)	-554.40	-404	-404	-404	-414.40	-420	-420	-420	-420	-420
EPS (AED)	0.53	0.70	0.88	1.04	0.98	0.93	0.89	0.89	0.95	1.02
DPS declared for the year (fils)	25	30	45	45	35	35	38	40	42	45
Payout ratio % (of attributable)	41.22%	39.68%	47.93%	41.07%	33.79%	35.49%	40.05%	42.37%	41.59%	41.76%

ROA % (net profit / avg total assets)		1.96%	2.33%	2.48%	2.05%	1.74%	1.57%	1.44%	1.44%	1.43%
ROTE % (attr. less T1 coupons / avg tangible common equity)		15.93%	18.44%	19.81%	17.22%	15.07%	13.31%	12.35%	12.41%	12.42%