UAE News Today : Business

Dubai Islamic Bank Reports Stellar YoY Growth of 26% in 2023

Dubai Islamic Bank today announced its results for the period ending December 31, 2023, reporting a strong increase in total revenue of 43% year-on-year to AED 20 billion.

A net profit of AED 7 billion, a stellar growth of 26% year-on-year, was announced in an official statement, which also indicated that expansion continues as the bank’s balance sheet increases to AED 314 billion, an increase of 9 % year-on-year. Asset quality improved to 5.4%, down 110 bps year-on-year, exceeding guidance.

Shareholder returns continue to grow with RoTE of 20%, up 300 basis points year-on-year, exceeding forecasts. The proposed 45% dividend was announced subject to shareholder approval.

According to a bank statement, the group’s net profit amounted to AED 7.01 billion, up 26% year-on-year compared to AED 5.552 billion, driven by increased unfunded income and lower impairment charges. Net financing and investments in sukuk reached AED 268 billion, up 12% year-on-year. Gross new investments in subscription and sukuk recorded AED 88 billion against AED 63 billion in FY2022. Over the year, the frequency of early settlement payments has greatly reduced by 31% year-on-year , resulting in net growth in new financing and sukuk disbursements to AED29 billion. Total revenue reached AED 20,142 million compared to AED 14,101 million, a solid expansion of 43% year-on-year. Net operating income showed a solid increase of 11% year-on-year to reach AED 11,665 million. Net operating profit amounted to AED 8,503 million, up 10% year-on-year compared to AED 7,734 million in FY2022.

Mohammed Ibrahim Al Shaibani Director General of His Highness the Ruler of Dubai and Chairman of Dubai Islamic Banksaying:

“The UAE economy continues to expand amid tightening global financial conditions due to high levels of inflation and subdued global growth. The GCC financial markets had a strong year with Dubai showing a strong double-digit gain of over 20% year-on-year supported by a strong IPO pipeline and increasing trading volume. The banking sector also showed strong resilience with healthy, growing balance sheets and higher profits.”

He added that the year 2023 has been an exceptional year for DIB since the bank obtained the highest profitability in its history.

“A stellar AED 7.01 billion in net profits that increased by 26% year-on-year is the result of our constant strategic efforts to grow this dynamic institution and maintain its leadership in the global Islamic finance space. In support of the UAE Year of Sustainability, we, together with the UAE Federation of Banks, commit to delivering AED 1 trillion in sustainable finance in the coming years. DIB has already been at the forefront of this commitment with $1.75 billion in sustainable sukuk already issued to support a growing ESG portfolio. With a long-term ESG strategy in place, the bank will continue to drive positive climate action in the UAE and beyond in the coming years.”

News source: Emirates News Agency

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