DIB posts record $1.5bln profit for 2022

DIB posts record $1.5bln profit for 2022

Dubai Islamic Bank, the largest Islamic bank in the UAE, posted on Wednesday a record-breaking annual net profit of Dh5.6 billion for 2022, up 26 per cent year-on-year.

“The strong growth was driven by rising core revenues, prudent cost management and sustained lower impairments,” the bank said in a statement.

DIB recorded a 20 per cent rise in total income year-on-year to Dh14 billion and proposed 30 per cent dividend subject to shareholder approval.

Net financing and sukuk investments grew by five per cent YoY to Dh238 billion as the bank attained nearly Dh63 billion in annual gross new underwriting and sukuk versus Dh50 billion in FY2021. Net operating revenues showed a robust 11 per cent YoY increase and 8.0 per cent quarter-on-quarter surge to reach Dh10.467 billion while net operating profit recorded a strong increase of 12 per cent YoY and 10 per cent QoQ to Dh7.734 billion.

Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said the UAE continued to attain economic growth and expansion amidst a turbulent year withstanding the impact of geopolitical conflicts and higher global inflation depicting its robust financial and monetary policies, strong domestic recovery and fiscal