Dubai Islamic Bank (DIB) reported a nearly 9% rise in net profit for the first half of the year as its customer deposits continued to expand despite tightening global financial conditions.

Net profit for the period reached 3.378 billion dirhams ($919.5 million), up by 8.6% from the year earlier period, while total income crossed AED 11.3 billion, rising by 21% YoY.

Customer deposits rose by 5.4% to AED 234 billion year to date (YTD).

Impairment charges came at AED 652 million, declining by 32% YoY against AED 959 million in H1 2023.

Its balance sheet inched up by 2.7% YTD to AED 323 billion despite tight global financial conditions, reflecting the UAE’s robust banking system, noted Mohammed Ibrahim Al Shaibani, Chairman of DIB.

“The UAE remains resilient with key sectors showing positive momentum such as tourism, hospitality, transportation and the financial sector which has demonstrated improving asset quality and rising profitability,” Al Shaibani said.

For the second quarter ended June 30, 2024, net profit went up by around 6.2% to AED 1.7 billion, from AED 1.6 billion a year ago.

(Writing by Cleofe Maceda; editing by Brinda Darasha)