Dubai Islamic Bank’s H1 Pre-Tax Profit Surpasses $1 Billion Mark with Robust Financial Growth

Dubai Islamic Bank (DIB) claims good figures for the first half of 2024: the size of total income has increased in per annum terms by 21% and amounted to AED 11. to AED 3 billion ($3. 08 billion) and pre-tax profit up by 18% to AED 3. The range of approximate market capitalization is $900 billion to $720 billion which is equivalent to 1268 billion to 101 billion bln of USD.

Net profit for the six months up to June was up 8 percent on the preceding period. 6% rise, reaching AED3. 38 billion ($920 million).

The balance sheet of the bank expanded throughout the year – though not at a maximal pace – to reach $2. by 7% year to date to AED 323 billion ($ 87. 95 billion). Customer deposits increased by 5. 4% up to AED 234 billion where CASA’s proportion, which includes Current and Savings Accounts, expanded up 500 basis points and stood at 42%, having been at 37% at the start of the year. Other active sources of finance and sukuk investments had a edge-up by 3. from 4. 5% of GDP to reach AED278 billion ($75. 7 billion).

The impairment charges have reduced by 32% from the same period of H1 2023 reaching to AED 652 million ($ 177. 5 million) from AED 959 million.

The leadership of the bank claimed this strong performance was due to the Nigerian economy counterparts in Dubai. Mohammed Ibrahim Al Shaibani, Director-General of The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, stated: “International growth is also consistent due to central bankers, where similar to at home also halting on raising rates and causing moderate inflation rates in the global macro economy. The proven ability of the UAE to stage a recovery is observable today, especially now that indicators like tourism, hospitality, transportation, and the financial sector are on the upswing as evidences by the improvement in the quality of the assets and that of their profitability.

“The overall banking system in the UAE continues to be well capitalized with plentiful capital to support balance sheet expansion notwithstanding the global credit squeeze This is seen with DIBs H1 2024 showing the bank’s balance sheet has gone up 2. 7% to AED 323 billion. ”

Dr. Adnan Chilwan, Group Chief Executive Officer of Dubai Islamic Bank, added: “First half of the year was quite impressive as the total income was recorded an equivalent of more than AED11. 3 billion, this was 21% up year on year.