March 29, 2023
Banking International

Dubai Islamic Bank’s 2022 Net Profit Streams 26% to Dh5.5b

The Dubai Islamic Bank pulled out a 26 per cent increase in net profit to Dh5.55 billion, against Dh4.4 billion a year ago. The increase was brought on rising ‘core revenues’ and ‘prudent’ cost management. The bank has proposed a 30 per cent dividend (or 30 fils a share).

The DIB numbers could be a precursor to a strong set of upcoming results from UAE’s leading banks, against a backdrop of higher interest rate, solid corporate and retail lending, and drastically lowered impairment charges.

“DIB attained its strongest year in its history with robust growth in profitability as total income reached Dh14 billion, a 20 per cent year-on-year growth and balance-sheet now at Dh288 billion witnessing a 5-year CAGR of 7 per cent,” said Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of DIB.

The bank has called for a general assembly on March 15 to get the go-ahead on the dividend proposal.

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