Dubai Islamic Bank posts record 9-month profit surge to Dh4.1b

Dubai Islamic Bank posts record 9-month profit surge to Dh4.1b

UAE's largest Islamic lender reports a considerable rise in total income by 10% year-on-year

DIB said its net financing and sukuk investments grew by 3.3 per cent year-to-date to Dh236 billion.

Published: Wed 26 Oct 2022, 6:00 PM

Issac John

[email protected]

Dubai Islamic Bank, the largest Islamic bank in the UAE, on Wednesday announced a 34 per cent surge in year-on-year profit to Dh4.1 billion, the highest-ever nine-month performance in the bank’s history.

The bank reported a considerable rise in total income by 10 per cent year-on-year to Dh10 billion as well as an improved impairment provision coverage to 76 per cent (up 400 bps year-to-date) “exhibiting DIB’s prudent risk strategy.”

In a statement, DIB said its net financing and sukuk investments grew by 3.3 per cent year-to-date to Dh236 billion. The bank attained nearly Dh43 billion year-to-date in gross new underwriting.

The bank’s total income reached Dh9.873 billion compared to Dh8.946 billion, a double-digit growth of 10 per cent year-on-year and 11 per cent quarter-on-quarter. Net operating revenues showed a robust 7.0 per cent year-on-year increase and 2.0 per cent sequentially to reach Dh7.653 billion, said the statement.

Net operating profit stood at Dh5.612 billion, up 6.0 per cent compared to Dh5.275 billion compared to the same2021 period.

Mohammed