Dubai Islamic Bank recorded a net profit of AED1.5 billion in the first quarter, up 12% from AED1.34 billion on stronger earnings, while net funding and sukuk investments rose 1% from beginning of the year. to reach 240 billion dirhams.
The results fell short of analysts’ expectations of AED1.43 billion.
The bank recorded a 47% increase in total revenues to AED4.403 billion, while the bank’s quarterly reserves increased by 19% to reach AED500 million.
According to the Dubai Islamic Bank; Total revenue increased to AED 4.43 billion from AED 3.016 billion, posting a strong 47% growth.
Net operating income rose 12% year on year to AED 2.75 billion. Net operating income was AED2.01 million, posting a strong year-on-year growth of 14% from AED1.77 billion in the first quarter of 2022.
Client deposits amounted to AED198 billion, with current and savings accounts accounting for 40% of Dubai Islamic Bank’s deposit base.
The bank’s total new funding increased to AED15.8 billion in the first quarter, up 35% from AED11.7 billion in the first quarter of 2022.
The bank’s fixed income portfolio amounted to 55 billion dirhams with a growth rate of 6% from the beginning of the year to the end of the first quarter.
Impairment losses continued to decline to AED 496 million, down 24% quarter-on-quarter. The non-performing funding ratio has remained stable year-to-date at 6.5%, down 20 basis points from the first quarter of 2022.
And the Dubai Islamic Bank recorded the strongest year in its history in 2022, with strong growth in its profitability as total revenue hit AED14 billion, up 20% year on year, and balance sheet hit AED288 billion, with a Compound Annual Growth Rate for 5 years increased by 7%, and annual net income recorded a record growth of 26% to 5.5 billion dirhams.
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