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Dubai Islamic Bank, the biggest Islamic lender in the UAE, saw its net profit rise by 18% year-on-year in the third quarter of 2023, supported by growth in core revenues and decline in impairment charges.
Total net income for the three months ending September 30, 2023 came in at AED4.8 billion ($1.3 billion), up from AED4.1 billion a year earlier.
“Growth was driven by rising core revenues, non-funded income and lower impairment charges,” the UAE bank said in a statement.
The company also reported net financing and sukuk investments of AED265 billion, up by 11.3% year to date.
The first nine months of the year recorded AED14.5 billion in total income, registering a “stellar” growth of 47% compared to the same period last year, according to Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank.
“The domestic banking sector remains solid with expanding balance sheets and improving asset quality and profitability,” Al Shaibani noted.
Gross new underwriting and sukuk investments during the first nine months of the year reached AED72 billion, up from AED43 billion in the same period last year.
Total customer deposits stood at AED221 billion, rising by 11.2% year to date.
Impairment charges for the first nine months of the year stood at AED1.409 billion, lower than the previous year’s AED1.45 billion.
(Writing by Cleofe Maceda; editing by Seban Scaria)
