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Dubai Islamic Bank has reported a net profit of 1.6 billion dirhams ($436 million) for Q2 2023, up from AED 1.355 billion in 2022.
Growth was driven by rising core revenues, controlled impairments and effective cost management, said the biggest Islamic lender in the UAE.
Impairment charges were 13% lower at AED 462 million versus AED 530.6 million in the prior-year period.
CEO Adnan Chilwan said the bank’s balance sheet had also reached a “historic milestone” of AED 300 billion, a rise of 4% for the year-to-date (YTD).
Fixed income grew by 18 YTD and 31% year-on-year AED 61 billion from AED 52 billion in FY 2022, primarily invested in highly rated regional sovereign instruments, Chilwan said in a Dubai Financial Market (DFM) statement.
Net profit for H1 2023 reached AED 3.111 billion, up from AED 2.7 billion.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)
