Dubai Islamic Bank reports AED 1.8 bn in net income in 1Q

Dubai Islamic Bank (DIB) reported a 22% y-o-y increase in net income before tax to AED 1.85 bn during 1Q 2024, according to an earnings release (pdf). The bank attributed the increase to “higher total income and lower impairment charges.” The lender’s top line rose 26.5% y-o-y to AED 5.6 bn, while impairment charges decreased to AED 299 mn, down by 40% from 1Q 2023.

Net financing and sukuk investments rose to AED 277 bn, according to the release. Meanwhile, the bank saw significant growth in new financing and sukuk disbursements during the quarter, reaching AED 8.9 bn, compared to AED 1.9 bn in the previous year.