Dubai Islamic Bank (DIB) reported a 15 percent rise in its net profit to AED3.11 billion for the period ending 30th June 2023, from AED2.7 billion in the same year-ago period.
The bank said the improvement in its performance was driven by rising core revenues, controlled impairments and effective cost management.
Dubai Islamic Bank‘s net financing and sukuk investments stood at AED251 billion, up 5.3 percent YTD, while gross new underwriting and sukuk investments during H1, 23 reached AED45 billion as compared to AED33 billion in the first half of last year.
The bank recorded a 49 percent year-on-year rise in its total income to AED9.31 billion and an 11 percent growth in net operating revenues to AED5,580 million in H1, 2023.
Mohammed Ibrahim Al Shaibani, Director-General of The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said amidst moderating global growth, the UAE economy continues to expand driven by recovering tourism, real estate and rising financial markets.
“The banking sector continues to remain resilient with rising profitability, strong and growing credit and deposit portfolio supported by the private sector, GREs as well as the retail sector,” he said.
Dr. Adnan Chilwan (above), Group Chief Executive Officer of Dubai Islamic Bank, 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.
“Sectors such as tourism, construction, real estate and investment in clean energy provide tailwinds to an expanding non-oil economy further reiterating Dubai Islamic Bank’s strategic alignment to the UAE’s expansionary agenda,” he added.
Chilwan said the bank has reached another key historic milestone in the first half period this year with its balance sheet reaching AED300 billion.—Arabian business
