• Strong growth in Total income by 27% YoY to AED 5.6 billion.
  • Net Profit (Pre-Tax) of AED 1.85 billion, a robust growth of 22% YoY.
  • Asset quality improved to 4.97% down 43 bps YTD
  • Settlement reached between DIB and NMC Healthcare.

Dubai: Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its results for the period ending March 31, 2024.

Q1 2024 Highlights:

  • Net Profit (Pre-Tax) registered AED 1,850 million up 22% YoY due to higher total income and lower impairment charges.
  • Net financing and sukuk investments reached AED 277 billion, up 3% YTD. Gross new underwriting and sukuk investments recorded AED 21.1 billion in Q1 2024 vs AED 20.8 billion in the same period of last year. The quarter saw net growth in new financing and sukuk disbursements to AED 8.9 billion compared to AED 1.9 billion in the prior year.
  • Total income reached to AED 5,607 million compared to AED 4,431 million, a solid expansion of 26.5% YoY.
  • Net Operating Revenues showed a robust increase of 8.8% YoY to reach AED 2,998 million.
  • Net Operating Profit came at AED 2,149 million, a 6.7% YoY increase compared to AED 2,013 million in Q1 2023.
  • Balance sheet expanded by a solid 4% YTD to AED 327 billion. 
  • Strong growth in Customer deposits increasing to AED 236 billion, up 6% YTD with CASA comprising 38% of DIB’s deposit base.
  • Impairment charges were lower at AED 299 million against AED 496 million in Q1 2023, significantly down by 40% YoY.
  • NPF declined to 4.97% compared to 5.40% in YE 2023, lower by 43 bps YTD. Cash Coverage rose to 93%, up 300 bps YTD.
  • Cost to income ratio marginally up by 120 bps YTD and 140 bps YoY to 28.3% as the bank continue to build its resources in key areas and functions in line with its growth strategy.
  • Liquidity remains healthy with LCR at 167.6%.
  • RoA and RoTE (pre-tax) remains strong at 2.3% up 20 bps YTD and 20.4% up 40 bps YTD respectively. 
  • CET1 stands at 13.1% (+30 bps YTD) and CAR at 17.5% (+20 bps YTD).
  • DIB is pleased to have reached a settlement with NMC where DIB will receive cash consideration and Holdco notes in settlement of claims.

Read the full report here.


About Dubai Islamic Bank:

Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the second largest Islamic bank in the world. With Group assets in excess of USD 80bln and market capitalization of nearly USD 9bln, the group operates with a workforce of more than 10,000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa. Serving over 5 million customers across the Group, DIB offers an increasing range of innovative Shariah compliant products and services to retail, corporate and institutional clients.

In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shariah-compliant financial services across a number of markets worldwide. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns a nearly 25% stake in the Indonesian bank. Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. DIB has been designated as D-SIB (Domestic Systemically Important Bank) in 2018 in UAE. In early 2020, DIB completed the acquisition of Noor Bank, which solidifies its position as a leading bank in the global Islamic finance industry.

The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. DIB has been named the Best Islamic Bank in various prestigious ceremonies and recognized for its outstanding performance amongst the world’s Islamic Banks, marking it a clear indication of the bank’s leadership position in the Islamic finance sector.