Dubai Islamic Bank’s net profit exceeds AED1.5bn during Q1’23

Dubai Islamic Bank’s net profit exceeds AED1.5bn during Q1’23

DUBAI, 19th April, 2023 (WAM) -- Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its results for the period ending 31st March, 2023.

The Bank's net profit came in at AED 1.506 billion, up 12 percent year-on-year (YoY) compared to AED1.345 billion, a growth was driven by rising core revenues and effective cost management. Net financing and sukuk investments stood at AED 240 billion, up 1 percent YTD with nearly AED 21 billion in new underwriting during Q1 2023 vs AED 15 billion in Q1 2022.

DIB's total income rose to AED 4.431 billion compared to AED 3.016 billion, a solid expansion of 47 percent YoY. Net operating revenues showed a robust 12 percent YoY to reach AED 2.755 billion, while net operating profit stood at AED 2.013 billion, a solid increase of 14 percent YoY compared to AED 1.770 billion in Q1 2022.

Moreover, the bank's balance sheet expanded by 1.3 percent YTD to AED 292 billion, while customer deposits settled at AED 198 billion with CASA comprising 40 percent of DIB’s deposit base.

Mohammed Ibrahim Al Shaibani, Director-General of His Highness the Ruler of Dubai’s Court and Chairman of Dubai Islamic Bank, said, "The UAE’s economy