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Wednesday, April 24, 2024

DIB logs 15% net profit growth, hitting AED 3.1bn in H1’23

Dubai Islamic Bank (DFM: DIB), the UAE’s largest Islamic bank, reported strong H1’23 financial results. Group net profit surged to AED 3.111 billion, a remarkable 15% YoY increase from AED 2.7 billion, attributed to growing core revenues, controlled impairments, and effective cost management.

DIB’s net financing and sukuk investments reached AED 251 billion, up 5.3% YTD, while gross new underwriting and sukuk investments for H1’23 amounted to AED 45 billion, compared to AED 33 billion in H1’22.

Total income soared by 49% YoY to AED 9.309 billion, with net operating revenues showing a robust 11% YoY growth, settling at AED 5,580 million. Net operating profit also rose by 12% YoY, reaching AED 4,109 million.

Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank, highlighted the strong domestic economy supported by recovering tourism, real estate, and financial markets. The UAE’s non-oil sector is estimated to grow above 4% this year.

Dr. Adnan Chilwan, Group CEO of DIB, expressed confidence in the bank’s position amid Dubai’s recovery, supported by various business and economic reforms. DIB’s net profit reached AED 3.1 billion, up 15% YoY, driven by higher revenues, controlled costs, and strategic execution.

The bank’s balance sheet also achieved a historic milestone, reaching AED 300 billion, a 4% YTD increase. The financing book grew by 2% YTD to AED 190 billion, with digital sales and transactions playing a significant role in the consumer business growth. Including Sukuk, the bank already surpassed the full-year growth guidance, growing by 5.3%.

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