DIB logs 15% net profit growth reaching AED3.1bn in H1’23

DIB logs 15% net profit growth reaching AED3.1bn in H1’23

DUBAI, 26th July, 2023 (WAM) -- Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its financial results for the period ending 30th June, 2023. The bank's group net profit came in at AED 3.111 billion, up 15 percent YoY compared to AED 2.7 billion, driven by rising core revenues, controlled impairments and effective cost management.

DIB's net financing and sukuk investments stood at AED 251 billion, up 5.3 percent YTD, while gross new underwriting and sukuk investments during H1'23 reached AED 45 billion as compared to AED 33 billion in H1'22.

The bank recorded AED 9.309 billion in total income, up 49 percent YoY; AED 5,580 million in net operating revenues, a robust 11 percent growth YoY, with net operating profit settling at AED 4,109 million, a 12 percent increase YoY compared to AED 3,684 million in H1'22.

Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, commented, "Amidst moderating global growth, the UAE economy continues to expand driven by recovering tourism, real estate and rising financial markets. With Dubai alone welcoming more than 8.5 million visitors in the first half and with DFM rising by 14