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Dubai Islamic Bank’s profit rises 26% to $1.5bn in 2022

REUTERS/Mosab Omar
The bank has proposed a cash dividend of 30% for 2022

Dubai Islamic Bank’s (DIB) net profit rose 26 percent year-on-year to AED5.55 billion ($1.51 billion) in 2022 due to higher revenue, prudent cost management and sustained lower impairments.

Chairman Mohammed Ibrahim Al Shaibani revealed that DIB achieved its strongest year in its history as total income reached AED14 billion, a 20 percent YoY growth and the balance sheet stands at AED288 billion, witnessing a five-year CAGR of seven percent.

He said: “The UAE continued to attain economic growth and expansion amidst a turbulent year withstanding the impact of geopolitical conflicts and higher global inflation depicting its robust financial and monetary policies, strong domestic recovery and fiscal surpluses.

“These robust economic policies have strengthened the banking sector and supported the growth of the domestic financial markets which have exhibited higher trading activities and increased foreign inflows.”

Net income for the UAE’s largest Islamic lender grew 11 percent YoY to AED10.47 billion in 2022 compared to AED9.42 billion in the year-earlier period, the bank said in a statement to Dubai Financial Market.

Impairment charges declined to AED2.10 billion from AED2.44 billion in the previous year.

Net financing and sukuk investments stood at AED238 billion in 2022, a rise of 5 percent from AED228 billion in 2021. Sukuk investments, another key focus of the bank, grew 25 percent year-on-year to reach AED52 billion.

The statement said that the bank proposed a cash dividend of 30 percent or 30 fils per share, for 2022, subject to the approval of the annual general meeting.