Dubai Islamic Bank full year 2022 group financial results

Dubai Islamic Bank full year 2022 group financial results

- Considerable rise in total income by 20% YoY to AED 14 billion.

- Substantial improvement in RoTE registering 17%, up 400 bps YoY.

- Proposed dividend of 30% subject to shareholder approval in AGM.

Dubai: Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its results for the period ending December 31, 2022.

FY 2022 Highlights:

- Substantial growth in Group Net Profit of 26% YoY to AED 5,552 million vs AED 4,406 million in same period last year. The strong growth was driven by rising core revenues, prudent cost management and sustained lower impairments.

- Net financing and sukuk investments grew by 5% YoY to AED 238 billion. The bank attained nearly AED 63 billion in annual gross new underwriting and sukuk vs AED 50 billion in FY2021.

- Total income reached to AED 14,101 million compared to AED 11,795 million, double digit growth of 20% YoY and 17% QoQ.

- Net Operating Revenues showed a robust 11% YoY increase and 8% QoQ to reach AED 10,467 million.

- Net Operating Profit now at AED 7,734 million, a strong increase of 12% YoY and 10% QoQ, compared to AED 6,892 million in FY 2021.

- Balance sheet expanded by 3% YoY to AED