Dubai Islamic Bank posts 12% surge in quarterly profit on higher revenue

Dubai Islamic Bank posts 12% surge in quarterly profit on higher revenue

Dubai Islamic Bank (DIB), the UAE’s biggest Islamic bank by assets, said its first-quarter net profit jumped 12 per cent year-on-year (YoY) to $410m (Dhs1.51bn) from Dhs1.34bn, driven by higher revenues and effective cost management measures. DIB’s total income soared to Dhs4.4bn during the quarter, up 47 per cent from Dhs3.02bn the same period a year earlier, thanks to strong income from financing assets. The banking group’s net operating revenue grew by 12 per cent YoY to reach Dhs2.76bn compared to Dhs2.47bn in the first of 2022 while operating profit stood at Dhs2.01bn a solid 14 per cent YoY increase compared to Dhs1.77bn in Q1 2022. DIB’s balance sheet expanded by 1.3 per cent year-to-date (YTD) to Dhs292bn while customer deposits settled at Dhs198bn with CASA comprising 40 per cent of the bank’s deposit base. “The banking sector remains well-insulated from the global contagion and continues to be on a solid footing with steady growth in their balance sheets and rising profitability levels with DIB closing the first quarter of the year with a very strong and remarkable set of results,” said Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank. The Shariah-compliant bank’s net financing and Sukuk investments stood