Stock - DIB \ Dubai Islamic Bank
Image Credit: Bloomberg

Dubai: Dubai Islamic Bank’s net profit at the end of the first nine months of 2023 crossed the Dh4 billion mark, coming in at Dh4.8 billion against Dh4.1 billion a year ago. DIB attributed this increase to growth stemming from higher core revenues, non-funded income, and reduced impairment charges.

The net profit margin experienced an uptick to 3.1 percent, and the total income for the three quarters reached Dh14.5 billion, reflecting a notable surge of 47.4 percent.

“The domestic banking sector remains solid with expanding balance sheets and improving asset quality and profitability,” said Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank. “DIB’s 9M 2023 performance has been remarkable generating more than Dh14.5 billion in total income, a stellar growth of 47 per cent YoY”

The UAE economy continues to thrive with strong fundamentals amidst the volatile global economic environment.

- Ibrahim Al Shaibani

DIB's net operating profit stood at Dh6.2 billion, up 12 per cent compared to Dh5.6 billion in 9M 2022.

The balance sheet expanded strongly by 8.7 per cent to cross to Dh313 billion. Customer deposits stood at Dh221 billion during the period, up by 11.2 per cent YTD equally supported by the consumer and corporate accounts. CASA stood at Dh82 billion, comprising 37 per cent of deposits

Impairment charges registered Dh1.40 billion against Dh1.45 billion in 9M 2022, down by 3.0 per cent.

"DIB’s gross new financing and sukuk underwriting has been monumental during the reporting period reaching Dh72 billion, up 69 per cent YoY fueled by all business segments, particularly the corporate accounts, underpinning the bank’s robust growth strategy," said Dr Adnan Chilwan, Group CEO of DIB.

The bank’s balance sheet crossed the Dh300 billion mark for the first time, reaching Dh313 billion a rise of 9% YTD.

- Dr Adnan Chilwan

The bank's net operating revenue grew 12 per cent YoY to reach Dh8.5 billion compared to Dh7.6 billion last year.