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Strong growth in Total income by 21% YoY to AED 11.3 billion.
Pre-Tax profit of AED 3.72 billion, a robust growth of 18% YoY.
Non-performing financing remains within guidance at 4.99% improving 41 bps YTD.
Deposits grew by 5.4% YTD with CASA increasing to 42%.
Dubai: Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its results for the period ending June 30, 2024.
1H 2024 Highlights:
Group Pre-Tax Profit registered AED 3,721 million up 18% YoY, while Group Net Profit came in at AED 3,378 million, up 8.6% YoY. 2Q 2024 Pre-Tax Profit is AED 1,870 million up 14% YoY and up over 1% QoQ, demonstrating resilient performance.
Net financing and sukuk investments reached AED 278 billion, up 3.8% YTD. Gross new underwriting and sukuk investments recorded AED 43.4 billion in H1 2024.
Total income reached to AED 11,292 million compared to AED 9,309 million, a solid expansion of 21.3% YoY.
Net Operating Revenues showed a robust increase of 8.6% YoY to reach AED 6,058 million.
Net Operating Profit stood at AED 4,373 million, a 6.4% YoY increase compared to AED 4,109 million in H1 2023.
Balance sheet displayed steady growth rising by 2.7% YTD to reach AED 323 billion.
Customer deposits rose to AED 234 billion, up 5.4% YTD with CASA deposit contribution now at 42%, up 500 bps from 37% at the beginning of the year.
Impairment charges came at AED 652 million, declining by 32% YoY against AED 959 million in H1 2023.
NPF improved to 4.99% compared to 5.40% in YE 2023, lower by 41 bps YTD. Cash Coverage rose to 95%, up 500 bps YTD.
Cost to income ratio up by 140 bps YoY to 27.8%, as the bank continue to strengthen its key areas and functions in line with its growth strategy.
LCR remains robust at 145.9%.
ROA and ROTE remained stable at 2.2% and 18% respectively. Pre-tax RoA and RoTE stronger at 2.4% and 20.2% respectively.
CET1 at 13.7% (+90 bps YTD) and CAR at 18.1% (+80 bps YTD), denotes a well-capitalized entity to leverage growth opportunities.
