Dubai Islamic Bank profits top AED 1.5 billion during Q1

Dubai Islamic Bank, the largest Islamic bank in the UAE has announced profits of AED 1.506 billion, up 12 per cent year-on-year, for Q1 2023

Net financing and sukuk investments stood at AED 240 billion, up 1 per cent year-to-date (YTD) with nearly AED 21 billion in new underwriting during Q1 2023 vs AED 15 billion in Q1 2022.

DIB's total income rose to AED 4.431 billion compared to AED 3.016 billion, a hike of 47 per cent. Net operating revenues showed a robust 12 percent rise to reach AED 2.755 billion, while net operating profit stood at AED 2.013 billion, an increase of 14 per cent compared to AED 1.770 billion in Q1 2022.

Moreover, the bank's balance sheet expanded by 1.3 per cent YTD to AED 292 billion, while customer deposits settled at AED 198 billion..

Mohammed Ibrahim Al Shaibani, Director-General of His Highness the Ruler of Dubai’s Court and Chairman of Dubai Islamic Bank, said, "The UAE’s economy continues to expand at a fast rate supported by high energy prices, increasing business trade and activities and the return of tourism which has boosted domestic retail spending. The banking sector remains well-insulated from the global contagion and continues to be on a solid footing with steady growth in their balance sheets and rising profitability levels with DIB closing the first quarter of the year with very strong and remarkable set of results."

#Dubai Islamic Bank announces its results for the period ending 31st March 2023. The net profit came in at AED 1.506 billion, up 12 % year-on-year (YoY) compared to AED1.345 billion, a growth was driven by rising core revenues & effective cost management. https://t.co/GLMVbzeZeP pic.twitter.com/ccZb1r5n50

— Dubai Media Office (@DXBMediaOffice) April 19, 2023