Dubai Islamic Bank reports net profit of $1.9bln, up 26% YoY

Dubai Islamic Bank reports net profit of $1.9bln, up 26% YoY

DUBAI: Dubai Islamic Bank today announced its results for the period ending December 31, 2023 and reported a robust rise in total income by 43% YoY to AED20 billion.

Net profit of AED 7 billion, a stellar growth of 26% YoY, was announced in an official statement that also indicated expansion continues as the bank's 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%, was announced subject to shareholder approval.

According to a bank statement, the Group Net Profit came in at AED7,010 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 AED63 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