Dubai Islamic Bank, the UAE’s largest Islamic lender, posted a 34% jump year-on-year (YoY) in its Q2 2022 net profit to 1.36 billion dirhams ($370 million), driven by lower impairments and improved top line growth.

The earnings narrowly beat Refinitiv’s mean analysts’ estimate of AED 1.31 billion.

Net income grew 11 percent YoY to AED 2.6 billion versus AED 2.4 billion in same period of last year, the Dubai Financial Market-listed lender said in a statement on Wednesday.

Impairment charges fell to AED 531 million against AED 747 million in the previous year

For H1-2022, the net profit reached AED 2.70 billion versus AED 1.90 billion YoY.

(Reporting by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com