Dubai Islamic Bank first quarter 2023 Group financial results

Dubai Islamic Bank first quarter 2023 Group financial results

- Net profit of AED 1.5 billion, strong growth of 12% YoY.

- Continued improvement in RoTE registering 17.5%, up 50 bps YTD.

- Enhanced cash coverage ratio to 80% up nearly 200 bps YTD.

- Upgraded standalone credit ratings by Moodys driven by improved profitability and strong liquidity.

Dubai: Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its results for the period ending March 31, 2023.

Q1 2023 Highlights:

- Group Net Profit came in at AED 1,506 million, up 12% YoY compared to AED1,345 million. Growth was driven by rising core revenues and effective cost management.

- Net financing and sukuk investments at AED 240 billion, up 1% YTD with nearly AED 21 billion in new underwriting during Q1 2023 vs AED 15 billion in Q1 2022.

- Total income rose to AED 4,431 million compared to AED 3,016 million, a solid expansion of 47% YoY.

- Net Operating Revenues showed a robust 12% YoY to reach AED 2,755 million.

- Net Operating Profit now at AED 2,013 million, a solid increase of 14% YoY compared to AED 1,770 million in Q1 2022.

- Balance sheet expanded by 1.3% YTD to AED 292 billion.

- Customer deposits now at AED 198 billion with CASA