Gulf Results: Dubai Islamic Bank Revenue Rises 7 Percent and GWC Profit Gains 15 Percent
Dubai Islamic Bank grew gross revenue for the first nine months of 2026 by 7 percent to 18.6 billion dirhams. In Qatar, Gulf Warehousing Company (GWC) lifted nine-month net profit by 15 percent. Its third-quarter profit rose 37 percent. Commercial Bank of Qatar grew net operating income by 2.9 percent. All 4 companies, Nakilat among them, reported on 20 October.
Nine-Month Growth Measures at 3 Gulf Companies
| Company | Measure | 9M 2026 | Change on year |
|---|---|---|---|
| Dubai Islamic Bank | Gross revenue | AED 18.6bn | +7% |
| GWC | Earnings per share | QAR 0.161 | +15% |
| Commercial Bank of Qatar | Net operating income | QAR 3,568.3m | +2.9% |
Nine months to 30 September 2026 against the same period of 2025. The logistics group’s change is in earnings per share, on our calculation.
A Dubai Lender Grows Its Book as Asset Quality Improves
Gross funded income rose 8 percent to 15.5 billion dirhams. That line supplied 83 percent of gross revenue, on our calculation. Net financing assets grew 10 percent since December to 287.1 billion dirhams. Total assets reached 427.0 billion dirhams. The chief executive, Adnan Chilwan, spoke of “the consistency with which we execute our strategy”.
New consumer financing reached 31 billion dirhams in nine months, against 27 billion a year earlier. The consumer book passed 93 billion dirhams, up 18 percent since December. Home finance grew 20 percent and personal finance 23 percent.
Asset quality improved as the book grew. The non-performing financing ratio fell to 2.4 percent. That was 30 basis points lower than in December and 70 basis points lower than a year earlier. Cost of risk was 25 basis points for the nine months, down from 45 basis points in the first quarter. Capital adequacy rose by 100 basis points in nine months to 16.5 percent. The CET1 ratio rose 110 basis points since December to 13.4 percent.
On our calculation, depositors and sukuk holders took 1.0 billion dirhams of the 1.2 billion rise in gross revenue. Their share reached 8.7 billion dirhams. That was 47 percent of gross revenue, against 44 percent a year earlier, on our calculation. Operating revenue therefore rose a slower 3 percent, to 9.9 billion dirhams. Operating profit before impairments rose 4 percent to 7.1 billion. Costs were flat at 2.8 billion dirhams. The cost-to-income ratio improved to 28.1 percent from 28.6 percent a year earlier.
Profit after tax was 5.6 billion dirhams, 1 percent below the 5.7 billion of the same period of 2025. Impairment charges doubled to 0.6 billion dirhams. Profit before tax was stable at 6.6 billion dirhams.
On our reading, growth has moderated from the first half, when gross revenue rose 10 percent to 12.4 billion dirhams. That leaves 6.2 billion dirhams for the third quarter, on our calculation. Customer deposits rose 1 percent since December to 323.5 billion dirhams. That puts net financing at 88.7 percent of deposits, on our calculation. The bank’s 1 billion dollar Additional Tier 1 sukuk drew orders of more than 2.3 billion dollars.
Dubai Islamic Bank Income Statement, Nine Months (AED bn)
| Line | 9M 2026 | 9M 2025 | Change |
|---|---|---|---|
| Gross funded income | 15.5 | 14.3 | +8% |
| Gross revenue | 18.6 | 17.4 | +7% |
| Depositors’ and sukuk holders’ share | 8.7 | 7.7 | +12% |
| Operating revenue | 9.9 | 9.7 | +3% |
| Operating profit before impairment | 7.1 | 6.9 | +4% |
| Impairment charges | 0.6 | 0.3 | +100% |
| Profit before tax | 6.6 | 6.6 | stable |
| Profit after tax | 5.6 | 5.7 | -1% |
Figures from the bank’s results release, rounded to one decimal by the bank; income tax was 0.9 billion dirhams in both periods.
A Qatari Logistics Group Lifts Profit 15 Percent
GWC made 32.3 million riyals of net profit in the third quarter. That was 37 percent above the same quarter of 2025 and 13 percent above the second quarter. Nine-month profit grew 15 percent. Earnings per share for the year to date rose to 0.161 riyals from 0.140, also a 15 percent gain on our calculation.
Year-to-date net profit rose 24 percent in contract logistics and 22 percent in real estate. The chief executive, Matthew Kearns, said international revenue had doubled on the year. The group has 20 locations across the GCC and Europe and more than 4 million square metres of logistics space. Its freight network reaches over 120 countries.
A Qatari Lender Lifts Income as a Shipping Group Builds Its Fleet
Commercial Bank of Qatar grew net interest income by 10.2 percent to 2,800.1 million riyals. That made up 78.5 percent of net operating income, on our calculation. Loans and advances excluding acceptances rose 6.3 percent on the year to 100,687.2 million riyals. Capital adequacy stood at 18.9 percent, up from 17.9 percent a year earlier. The non-performing loan ratio eased to 5.7 percent from 5.8 percent. Stage 3 coverage was 64.0 percent, against 56.9 percent a year earlier. Low-cost deposits grew 3.6 percent to 31.4 billion riyals. Associates contributed 323.2 million riyals, up 8.8 percent.
Net profit after tax was 1,539.4 million riyals, down 13.8 percent from 1,785.5 million. The chief executive, Stephen Moss, said reported profit reflected higher provisioning, increased operating expenses and lower non-interest income. The bank said the higher provisions came from a more balanced approach across the quarters. On our calculation, net provisions rose by 376.7 million riyals to 979.8 million. That took 40.6 percent of operating profit, against 24.9 percent a year earlier, on our calculation. Costs rose by 106.2 million riyals, which on our calculation was slightly more than the 99.8 million riyal gain in income. Operating profit was almost flat at 2,415.1 million riyals. The Pillar Two tax charge fell to 104.7 million riyals from 169.9 million.
Commercial Bank of Qatar, Nine Months (QAR m)
| Line | 9M 2026 | 9M 2025 | Change |
|---|---|---|---|
| Net operating income | 3,568.3 | 3,468.5 | +2.9% |
| Operating expenses | 1,153.1 | 1,046.9 | +10.1% |
| Operating profit | 2,415.1 | 2,421.6 | -0.3% |
| Net provisions | 979.8 | 603.1 | +62.5% |
| Net profit after tax | 1,539.4 | 1,785.5 | -13.8% |
Balance sheet at 30 September against a year earlier: loans excluding acceptances 100,687.2 million riyals against 94,763.4 million; customer deposits 83,106.9 million against 85,653.7 million, a loans-to-deposits ratio of 121.2 percent against 110.6 percent on our calculation.
Key Ratios at the 2 Banks, 30 September 2026
| Ratio | Dubai Islamic Bank | Commercial Bank of Qatar |
|---|---|---|
| Capital adequacy | 16.5% | 18.9% |
| CET1 | 13.4% | 12.8% |
| Non-performing ratio | 2.4% | 5.7% |
| Cost to income | 28.1% | 32.3% |
Ratios as published by each bank. The Qatari bank states its ratios are above the Qatar Central Bank and Basel III minimums.
Nakilat, the Qatari shipping group, has named its first newbuild 88,000 cubic metre LPG and ammonia carrier. Its orderbook stands at 40 vessels under construction in South Korea and China. First-phase deliveries are on schedule from 2026. Its nine-month net profit was 1.29 billion riyals, down from 1.31 billion in the same period of 2025. The chief executive said the regional situation continued to affect ship repair, shipping agency and towage, and that cost controls were put in place.
Why it matters: Both banks grew income and lifted capital adequacy. In Dubai, the financing book grew 10 percent since December while the bad-loan ratio fell to 2.4 percent. In Qatar, the logistics group’s chairman linked its double-digit profit growth to diversifying the business. Its 15 percent rise in nine-month net profit was the largest of the 4, on our count.
Outlook: The Qatari bank now spreads loan provisions more evenly across the quarters, rather than taking a much larger fourth-quarter charge as in the past. The Dubai lender enters the last quarter with capital adequacy at 16.5 percent. Its cost of risk for the nine months was 25 basis points, below the 45 of the first quarter.
Sources: Dubai Islamic Bank, Commercial Bank of Qatar, Gulf Warehousing Company, Nakilat, QNA, The Edge.
