Better growth in new financing and sukuk investments, and lower impairment charges, aided Dubai Islamic Bank to see a 22 per cent surge in pre-tax profit to Dh1.85 billion.
The lender reported a 3 per cent rise in net financing and sukuk investments, reaching Dh277 billion, in the year so far. "The quarter saw net growth in new financing and sukuk disbursements to Dh8.9 billion compared to Dh1.9 billion in the prior year," the company said in a statement.
Meanwhile, total income reached Dh5.61 billion compared to Dh4.43 billion last year, an expansion of 26.5 per cent. Also, non-performing financing (NPF) declined to 4.97 per cent compared to 5.40 per cent in year ended 2023.
"DIB is pleased to have reached a settlement with NMC where DIB will receive cash consideration and Holdco notes in settlement of claims," the lender added.
"DIB has remained a strong and solid player in the market. Irrespective of the introduction of corporate tax into our earnings and regional tensions, the bank has managed to deliver a net profit (pre-tax) of Dh1.85 billion, achieving robust growth of 22 per cent YoY," said Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank.
