Dubai – Mubasher: Dubai Islamic Bank (DIB) generated net profits after tax valued at AED 7 billion in 2023, higher by 26% than AED 5.55 billion in the January-December 2022 period.
Total net income was valued at AED 20.14 billion in January-December 2023, an annual surge of 43% from AED 14.10 billion, according to the consolidated financial results.
Basic and diluted earnings per share (EPS) hit AED 0.88 in 2023, up year-on-year (YoY) from AED 0.70. Meanwhile, the lender posted an annual rise of 11% in operating revenues to AED 11.66 billion.
Customer deposits increased by 12% YoY to AED 222 billion as of 31 December 2023, with current and savings accounts (CASA) comprising 37% of DIB’s deposit base. Total assets hiked to AED 314.29 billion from AED 288.23 billion.
Dividends
The board of DIB proposed the distribution of a cash dividend of 45 fils per share, which is subject to the approval of the general assembly meeting.
Mohammed Ibrahim Al Shaibani, Chairman of DIB, commented: “2023 has been an exceptional year for DIB as the bank delivered its highest profitability in history.”
“Supporting the UAE’s Year of Sustainability, we, together with the UAE Banks Federation commit to delivering AED 1 trillion in sustainable finance over the coming years,” Al Shaibani highlighted.
He added: “DIB has already been at the forefront of this commitment with $1.75 billion of sustainable sukuks already issued supporting a growing ESG portfolio.”
Adnan Chilwan, Group CEO of DIB, said: “The expansionary agenda continues as the balance sheet grew further by 9% YoY to AED 314 billion. Financing book rose by 7% YoY to AED 199 billion across corporate and consumer businesses reinforced by a surge in corporate cross border and private sector financing.”
In the first nine months (9M) of 2023, the DFM-listed lender witnessed 18% YoY higher net profits at AED 4.82 billion, versus AED 4.10 billion.
