Dubai Islamic Bank posts nine-month pre-tax profit of Dh6b, up 23%
Lender sees strong growth in total income by 17% to Dh17 billion from last year
Dubai Islamic Bank, the largest Islamic bank in the UAE, saw its group pre-tax profit spike 23 per cent to Dh6 billion for the nine-months ended September 30, 2024.
During the same period, total income reached Dh16.995 billion compared to Dh14.548 billion, an expansion of 16.8 per cent compared to last year.
"The bank continues to secure strong new origination from our growing customer base across the country and the region at large," said Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.
"All business units achieved positive performance with both corporate and consumer portfolios adding new net lending of more than Dh7 billion across several sectors. Along with a solid growth in the fixed income book, the bank’s financing and sukuk portfolio reached Dh286 billion, up 7 per cent beating year end guidance by 180 basis points," said Dr. Adnan Chilwan, Group Chief Executive Officer.
Meanwhile, customer deposits increased to Dh237 billion, up 6.7 per cent in the year so far with savings account deposits contributing over 38.1 per cent, up from 36.6 per cent at the beginning of the year.