DUBAI, UAE – The Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, on Wednesday announced its results for the period ending June 30, 2023.
The Group net profit came in at US$844 million (AED 3.1 billon), up 15 percent year on year compared to US$735 million (AED 2.7 billion) in the corresponding period a year ago, the DIB said in a statement.
The growth was driven by rising core revenues, controlled impairments and effective cost management.
The net financing and sukuk investments were at US$68.3 billion (AED 251 billion), up 5.3 percent YTD.
Gross new underwriting and sukuk investments during H1 2023 reached US$12 billion (AED 45 billion) compared to US$8.9 billion (AED 33 billion) in H1 2022.
Total income reached to US$2.5 billion (AED 9.3 billion) compared to US$1.6 billion (AED 6.2 billion), a solid expansion of 49 percent year on year.
Net operating revenues showed a robust 11 percent YoY growth to reach US$1.4 billion (AED 5.5 billion).
The net operating profit now at US$1.1 billion (AED 4.1 billion), a 12 percent increase compared to US$980 million (AED 3.6 billion) in H1, 2022, the DIB added.