Dubai Islamic Bank, the UAE’s largest Islamic lender, posted a 58 percent jump (y-o-y) in its Q1 2022 net profit at 1.34 billion dirhams ($365 million), driven by lower impairments and a stronger top line growth.

The earnings narrowly beat Refinitiv’s mean analyst estimate of 1.18 billion dirhams.

Net operating revenues grew 11 percent y-o-y to 2.46 billion versus 2.22 billion in same period of last year, the Dubai Financial Market-listed lender said in a statement on Wednesday.

Net operating profit reached 1.77 billion, up 10 percent compared to the same period of last year.

Impairment losses fell 44 percent on year to 417 million dirhams against 751 million dirhams in previous year

Net financing and sukuk investments stood at 235.1 billion dirhams, up 3 percent year-to-date from 228.5 billion dirhams in 2021.

(Reporting by Brinda Darasha; editing by Seban Scaria)