Dubai Islamic Bank shareholders approve 30% dividend for 2022

Dubai Islamic Bank shareholders approve 30% dividend for 2022

DUBAI, 16th March, 2023 (WAM) -- Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world, concluded its Annual General Assembly (AGM) with the approval of the bank’s 2022 financial statements and other tabled resolutions, demonstrating the confidence of the shareholders in the bank's Board and management's strategic agenda for the coming years.

The strong financial results reported this year are a further testament to DIB’s role as a leader in the development of Islamic Finance in a year of exceptional global uncertainty.

Supported by a solid growth in the total income, the bank’s net profit reached the highest ever in the bank’s history with a 26 percent surge in 2022, and a balance sheet of AED 288 billion, culminating in a five-year CAGR of 7 percent. This significant profitability led to a 30 percent cash dividend aggregating to an amount of around AED 2.2 billion. Other agenda items concluded at the AGM included the announcement of the bank’s Board of Directions for the next three-year term, in addition to the reappointments of its Internal Sharia Supervision Committee and external Auditors for the year 2023.

Commenting on the bank’s performance and outlook, Mohammed Ibrahim