Dubai Islamic Bank, the UAE’s largest Islamic bank, has announced a substantial 26% increase in its net profit, reaching Dh7.01 billion for the fiscal year ending December 31, 2023. The surge is attributed to significant asset growth, stable costs, and robust margins, underlining a healthy economic environment.
Financial Growth and Stability
- The bank’s balance sheet grows by 9% year-on-year, reaching Dh314 billion.
- Financing book rises by 7% year-on-year to Dh199 billion across corporate and consumer businesses.
- Total income for FY 2023 sees a remarkable 43% growth, reaching Dh20.142 billion.
Operational Expansion and Performance Metrics: Islamic Bank
- Gross new financing and sukuk portfolio disbursements in FY 2023 total nearly Dh88 billion, marking a 40% increase from FY 2022.
- Gross corporate financing origination surpasses Dh45 billion, a 45% year-on-year increase.
- Customer deposits reach Dh222 billion, reflecting an 11.8% year-on-year growth.
Leadership Insights
- Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank, emphasizes the UAE’s economic resilience amid global financial conditions.
- Dr. Adnan Chilwan, Group CEO, highlights Dubai’s exceptional economic growth in 2023, driven by structural and cyclical factors.
These positive financial indicators underscore the bank’s robust performance, aligning with buoyant economic activities across diverse industries in Dubai.
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