The annual general meeting (AGM) of Dubai Islamic Bank (DIB) greenlighted a 45% cash dividend aggregating to an amount of around AED 3.25 billion.

DIB witnessed financial growth during 2023, as total income surged by 43% to AED 20 billion, according to a press release.

This led to the highest-ever net profit in the bank’s history of over AED 7 billion, marking an annual increase of 26%. The bank’s balance sheet also enlarged to AED 314 billion.

Mohammed Ibrahim Al Shaibani, Chairman of DIB, said: “The continued growth of the UAE economy in 2023, during a period of particularly unpredictable global conditions, has provided DIB with a strong and stable macroeconomic environment for growth and value creation.”

“Looking to 2024, we are confident that DIB will maintain its trajectory of strong growth through innovation and modernization complemented with an unrelenting focus on sustainable business practices,” Al Shaibani continued.

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