Dubai: Net profits at Dubai Islamic Bank are up a substantial 58 per cent to Dh1.3 billion for the first three months, while total income crossed Dh3 billion, up by 6 per cent.
“Despite on-going unpredictable economic and international market conditions that are impeding progress, the bank’s total income of more than Dh3 billion and the balance-sheet rising by 3 per cent year-to-date reflecting its alignment towards the expansionary agenda of the UAE’s economy,” said Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.
"The UAE remains resilient growing from strength to strength with a forecast of over 4 per cent for the year as per IMF. The banking sector continues to demonstrate steady growth year-on-year as DIB’s Q1 earnings return back to pre-pandemic levels."
Pre-impairment profit during the year increased by 10 per cent year-on-year to Dh1.77 billion compared to Dh1.61 billion. “With prudent risk management and quality underwriting, the bank was able to achieve significantly lower impairment charges amounting to Dh417 million vs. Dh751 million,” the bank said in a statement.