Dubai Islamic Bank full year 2023 group financial results

Dubai Islamic Bank full year 2023 group financial results

- Net profit of AED 7 billion, stellar growth of 26% YoY.

- Expansion continues as Balance Sheet rises to AED 314 billion, up 9% YoY.

- Asset quality improved to 5.4% down 110 bps YoY, beating guidance.

- Shareholder returns continue to grow with RoTE at 20%, up 300 bps YoY, beating guidance.

- Proposed dividend of 45%, 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, 2023.

FY 2023 Highlights:

- Group Net Profit came in at AED 7,010 million, up 26% YoY compared to AED 5,552 million, driven by rising non-funded income and lower impairment charges.

- Net financing and sukuk investments reached AED 268 billion, up 12% YoY. Gross new underwriting and sukuk investments recorded AED 88 billion vs AED 63 billion in FY 2022. Over the year, the frequency of early settlement payments has retracted tremendously by 31% YoY leading to net growth in new financing and sukuk disbursements to AED 29 billion.

- Total income reached to AED 20,142 million compared to AED 14,101 million, a solid expansion of 43% YoY.

- Net Operating Revenues showed a robust increase of 11% YoY to reach