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Dubai Islamic Bank (DIB) has posted a profit of AED 1.4 billion ($381 million) for the third quarter of 2022 as business and operating conditions in the UAE continue to strengthen, the bank’s chairman said.
The bank’s net profit for Q3 was up from AED 1.2 billion year-on-year, with profits for the first nine months of the year up to AED 4.1 billion from AED3 billion in the same period in 2021, an increase of 34%.
Total income for the third quarter was AED 3.6 billion, up from AED 3.1 billion year-on-year, and grew from AED 8.9 billion for first nine months of 2021 to AED 9.8 billion In 2022.
Chairman Mohammed Ibrahim Al Shaibani said: “Business and operating conditions in the UAE continue to strengthen despite moderating global growth, driven by recovery in travel and tourism, retail business spending and the implementation of new residency reforms.
“The UAE financial system continues to demonstrate expansion and resilience with DIB reinforcing the sector’s recovery and growth agenda through its strong financial performance to date.”
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
