#Dubai Islamic Bank's first-half profit surges to over $735mln

Dubai Islamic Bank's first-half profit surges to over $735mln

Dubai Islamic Bank announced on Wednesday a significant surge of 45 per cent to Dh2.7 billion in first-half profitability compared to Dh1.86 billion in the same period last year.

The strong year-on-year growth was driven by rising core revenues and sustained lower impairments, the bank said in a statement.

The bank said gross new financing and sukuk investments saw a remarkable increase by Dh33 billion during the period. Excluding regular repayments and maturities, the bank saw a Dh20 billion growth in the first half that ended on June 30, 2022.

The bank, the largest Islamic bank in the UAE, said it had significantly lower impairments of Dh948 million compared to Dh1.498 billion in previous year, down by 37 per cent year-on-year basis, demonstrating continued improvement in asset quality.

Mohammed Ibrahim Al Shaibani, director-general of His Highness The Ruler’s Court of Dubai and Chairman of DIB, said Dubai’s progressive economic recovery remains on track and DIB’s momentous first half results reflect the improving macroeconomic conditions.