DUBAI - Dubai Islamic Bank (DIB), the United Arab Emirates' largest Sharia-compliant lender, has announced a significant increase in its net profits for the fiscal year ending December 31. The bank's net profits soared by approximately 24-26%, bolstered by a combination of increased non-funded income and a substantial decrease in impairment charges.
The bank's financial health is further evidenced by a 9% growth in total assets, which now stand at Dh314 billion ($1 = AED 3.67). This uptick is partly due to the bank's strategic focus on growing its financing and sukuk investments. Specifically, net financing and sukuk investments rose by 12%, reaching Dh268 billion.
A key driver of DIB's profitability has been the remarkable growth in total income, particularly from Islamic financing and investment transaction revenues. These revenues have contributed to a net operating profit that has notably exceeded Dh8.5 billion. Additionally, customer deposits have witnessed a healthy increase, up by 12% to Dh222 billion.
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