Dubai – Mubasher: Dubai Islamic Bank (DIB) achieved net profits attributable to the equityholders worth AED 1.47 billion in the first quarter (Q1) of 2023, higher than AED 1.33 billion in Q1-22.
Total income hiked by 47% year-on-year (YoY) to AED 4.43 billion in January-March 2023 AED 3.01 billion, according to the consolidated interim financial results.
The basic and diluted earnings per share (EPS) hit AED 0.19 in the first three months (3M) of 2023, up from AED 0.17 in the year-ago period.
The total assets increased to AED 291.98 billion in Q1-23 from AED 288.23 billion as of 31 December 2022, while the clients’ deposits fell to AED 198.30 billion from AED 198.63 billion.
Adnan Chilwan, Group CEO of DIB, said: “In light of the global events, DIB’s asset quality has remained robust with[non-performing financing] NPF ratio stable at 6.50%. Additionally, our overall coverage ratio and cash coverage ratio have been increasing depicting the bank’s prudent approach to risk management.”
Chilwan highlighted: “DIB’s gross new financing during the quarter registered AED 15.80 billion increase up by a sizeable 35% compared to AED 11.70 billion in Q1-22. This is fueled by both corporate and retail financing underpinning DIB’s strong market position and business appetite for growth.”
Last year, the UAE lender posted consolidated net profits attributable to the shareholders worth AED 5.47 billion, a leap from AED 4.39 billion in 2021.
