Dubai Islamic Bank Reports Strong Financial Performance in Q3 2023
Dubai, October 31, 2023 – Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, has announced its financial results for the period ending September 30, 2023. The bank has demonstrated robust growth across various key indicators, showcasing its resilience and strategic positioning in the market.
Financial Highlights for 9M 2023:
- Total Income: AED 14.5 billion, marking a substantial increase of 47% year-on-year.
- Net Profit: AED 4.8 billion, representing a strong growth of 18% year-on-year.
- Balance Sheet: Reached a new milestone of AED 313 billion, up 9% year-to-date.
- Asset Quality: Improved to 6.0%, down 50 basis points year-to-date.
- Return on Tangible Equity (RoTE): Registered at 18.4%, up 140 basis points year-to-date.
Operational Highlights:
- Net financing and sukuk investments increased to AED 265 billion, up 11.3% year-to-date.
- Total income expanded to AED 14.5 billion, showing a robust growth of 47.4% year-on-year.
- Net Operating Revenues increased by 11.7% year-on-year to reach AED 8.5 billion.
- Balance sheet expanded by 8.7% year-to-date, crossing AED 313 billion.
- Customer deposits grew to AED 221 billion, up 11.2% year-to-date, with CASA comprising 37% of DIB’s deposit base.
- Impairment charges decreased by 3.0% year-to-date.
Management’s Comments:
Commenting on the results, the management highlighted the resilience of the UAE economy amidst global economic volatility. The bank’s performance reflects its commitment to delivering value to stakeholders through sustained growth and profitability.
With the upcoming COP28 in Dubai, DIB reiterated its commitment to climate initiatives and sustainability goals, aiming to unlock further opportunities in the ESG space. The bank remains dedicated to supporting national projects and contributing to economic growth.
DIB’s profitability surged during the reporting period, supported by higher revenues, controlled costs, and lower impairments. The bank’s balance sheet crossed the AED 300 billion mark for the first time, reflecting its robust growth trajectory.
Furthermore, sustainability remains a top agenda for DIB, with strategic initiatives aligned to drive economic and social growth in line with the UAE’s vision for a brighter, greener future.
