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Dubai Islamic Bank logs 15% net profit growth reaching Dh3.1 billion in first half
The bank recorded Dh9.309 billion in total income
Dubai Islamic Bank, the largest Islamic bank in the UAE, today announced its financial results for the period ending June 30, 2023. The bank’s group net profit came in at Dh3.111 billion, up 15 per cent YoY compared to Dh2.7 billion, driven by rising core revenues, controlled impairments and effective cost management.
DIB’s net financing and sukuk investments stood at Dh251 billion, up 5.3 per cent YTD, while gross new underwriting and sukuk investments during H1’23 reached Dh45 billion as compared to Dh33 billion in H1’22.
The bank recorded Dh9.309 billion in total income, up 49 per cent YoY; Dh5,580 million in net operating revenues, a robust 11 per cent growth YoY, with net operating profit settling at Dh4,109 million, a 12 per cent increase YoY compared to Dh3,684 million in H1’22.
Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, commented, “Amidst moderating global growth, the UAE economy continues to expand driven by recovering tourism, real estate and rising financial markets. With Dubai alone welcoming more than 8.5 million visitors in the first half and with DFM rising by 14 per cent year to date, this clearly indicates a strong domestic economy supported by the UAE’s non-oil sector which is estimated to grow at above 4 per cent this year.”
“The banking sector continue to remain resilient with rising profitability, strong and growing credit and deposit portfolio supported by the private sector, GREs as well as the retail sector. This expansion is reflected in a continued upward momentum on PMI levels, growing domestic population and increasing FDI inflows.
“A strong set of first half results with total income reaching Dh9.3 billion up 49 per cent YoY with rising profitability ratios on ROA and RoTE is a clear indication of the bank’s robust financial position, improved cost efficiencies and strong growth across its consumer and corporate business portfolios.”
Dr. Adnan Chilwan, Group Chief Executive Officer, DIB, said, “Dubai has been on a remarkable recovery path during the first half of the year with most key sectors depicting strong levels of growth. Additionally, the Dubai Financial Market rose by 14 per cent YTD mirroring the resilience of the Emirate’s corporates. The various business and economic reforms placed in by government have reinforced Dubai as a leading global city and DIB’s strong first half results clearly shows that the bank is at the forefront of supporting the national growth agendas.”
“Sectors such as tourism, construction, real estate and investment in clean energy provide tailwinds to an expanding non-oil economy further reiterating DIB’s strategic alignment to the UAE’s expansionary agenda,” he added. “DIB’s profitability during the first half has once again been notable with net profit reaching Dh3.1 billion, up 15 per cent YoY, reflecting higher revenues, controlled costs and impairments and a keen focus on executing our medium-term strategic objectives.
“We have reached another key historic milestone as the bank’s balance sheet has now reached Dh300 billion, a strong rise of 4 per cent YTD. The financing book grew by 2 per cent YTD to Dh190 billion across corporate and consumer and further reinforced by a surge in our digital sales and transactions particularly on the consumer business. Including Sukuk, the bank has grown 5.3 per cent well ahead already of the full year growth guidance.”
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