Dubai, UAE -Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has reported a net profit of AED 3.111 billion ($845 million) in the first half of 2023, showing a remarkable increase of 15 percent YoY compared to AED 2.7 billion ($734 million)in the same period last year.
This growth has been primarily driven by rising core revenues, controlled impairments, and effective cost management.
The bank’s net financing and sukuk investments have reached AED 251 billion ($68 billion), marking a growth of 5.3 percent YTD. Additionally, gross new underwriting and sukuk investments during H1’23 amounted to AED 45 billion ($12.2 billion), compared to AED 33 billion ($8.98 billion) in H1’22.
DIB recorded a total income of AED 9.309 billion ($2.53 billion), reflecting an impressive 49 percent YoY increase. Net operating revenues showed robust growth at AED 5,580 million ($1.52 billion), a significant 11 percent rise YoY. The net operating profit settled at AED 4,109 million ($1.12 billion), indicating a 12 percent increase YoY compared to AED 3,684 million ($1 billion) in H1’22.
“Amidst moderating global growth, the UAE economy continues to expand driven by recovering tourism, real estate and rising financial markets,” Mohammed Ibrahim Al Shaibani, Director-General of The Ruler’s Court of Dubai and Chairman of the DIB, said, “With Dubai alone welcoming more than 8.5 million visitors in the first half and with DFM rising by 14 percent year to date, this clearly indicates a strong domestic economy supported by the UAE’s non-oil sector which is estimated to grow at above 4 percent this year.”
Dr Adnan Chilwan, Group Chief Executive Officer of the DIB, said: “Dubai has been on a remarkable recovery path during the first half of the year with most key sectors depicting strong levels of growth. Additionally, the Dubai Financial Market rose by 14 percent YTD mirroring the resilience of the Emirate’s corporates. The various business and economic reforms placed in by government have reinforced Dubai as a leading global city and DIB’s strong first half results clearly shows that the bank is at the forefront of supporting the national growth agendas.”