Substantial rise in total income by more than 7% YoY to AED 6.3 billion.

Strong growth on core assets of 6% YTD to reach to AED 241.3 billion.

Strong underlying performance has led to upward revisions on 2022 guidance metrics

Dubai: Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its results for the period ending June 30, 2022.

First Half 2022 Highlights:
Substantial growth in Group Net Profit of 45% YoY to AED 2,700 million vs AED 1,864 million in same period last year. The strong growth was driven by rising core revenues and sustained lower impairments.

Gross new financing and sukuk investments saw a remarkable increase by AED 33 billion during the period. Excluding regular repayments and maturities, the bank saw an incredible AED 20 billion growth.  

Net financing and sukuk investments grew by 6% YTD to AED 241.3 billion compared to AED 228.5 billion in 2021 indicating a strong rebound in 2022, despite regular repayments and sukuk settlements of AED 13 billion as well as early repayments of AED 7 billion.

Net Operating Revenues showed a robust growth of 9% YoY and 4% sequentially to reach AED 5,039 million.

Total income reached to AED 6,265 million compared to AED 5,842 million, substantially up by 7% YoY and 8% sequentially.

Net Operating Profit now at AED 3,684 million, a strong increase of 9% compared to AED 3,382 million in H1 2021.

Balance sheet remains robust at AED 282.2 billion, up 1% YTD.  

Customer deposits now at AED 202.2 billion with CASA comprising 44% of the deposit base.

Significantly lower impairments of AED 948 million against AED 1,498 million in previous year, down by 37% YoY, demonstrate continued improvement in asset quality.

NPF ratio continues its downward momentum now at 6.5% lower by 30bps YTD compared to 6.8% in 2021.

Cost to income ratio amongst the best at 26.9%, lower by 140bps sequentially. 

Liquidity remains healthy with finance to deposit ratio of 96% and LCR of 117%.

Continued healthy improvement on ROA now at 2.0% up by 47bps YTD and ROTE at 17.0% up by 400bps YTD.

Capitalization levels remain robust with CET1 at 13.2% (+80bps YTD) and CAR at 17.9% (+80bps YTD), both well above the minimum regulatory requirement. Total equity now stands at AED 41.9 billion.