Dubai Islamic Bank
After a record setting net profit, DIB will now start on paying a 45 per cent cash dividend. Image Credit: Ahmed Ramzan/ Gulf News

Dubai: The approvals are in place for Dubai Islamic Bank (DIB) spread out Dh3.25 billion as dividend for 2023. The ‘record-breaking’ payout represents a 45 per cent all-cash dividend.

It comes after DIB turned in its highest ever net profit ever, of Dh7 billion plus, from a 26 per cent year-on-year increase. It was part of a series of major highs recorded by the biggest banks in the UAE during 2023, helped by a landscape of high interest rates and sizeable demand for loans and other services from businesses and individuals. DIB’s total income for the year gone by to Dh20 billion.

“The year 2023 was a landmark period for DIB, as we witnessed our net profits surpass the Dh7 billion threshold — an unprecedented achievement in the bank’s history,” said Dr. Adnan Chilwan, Group CEO of DIB. “This signifies our unwavering dedication to supporting crucial sectors across the UAE and the wider GCC region.”