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Dubai Islamic Bank (DIB) saw its net income climb 6.7% y-o-y to AED 1.71 bn during 2Q 2024 on the back of a strengthening balance sheet, according to its financial statements (pdf). The lender reported a 16.5% y-o-y increase in its top line to AED 5.68 bn during the three-month period.
DIB had a good half: The bank recorded AED 3.38 bn in net income for 1H 2024, marking an 8.6% y-o-y increase compared to last year, DIB said in an earnings release (pdf). DIB’s top line rose 21.3% y-o-y to AED 11.3 bn during the first six months of year.
SUKOON TAKAFUL-
Sukoon Ins. subsidiary Sukoon Takaful turned to the black with AED 2.6 mn in net income in 2Q 2024, compared to AED 9.3 mn in incurred losses during the same period last year, according to its financial statements (pdf). Takaful revenues came in at AED 6.6 mn, compared to losses of AED 567k in the same period last year.
The ins. firm narrowed its accumulated losses to AED 45.9 mn by the end of 2Q 2024, representing 29.8% of its paid-up capital, according to a bourse filing (pdf). The reduced losses allowed Sukoon Takaful to retain AED 5.5 mn of its earnings for 1H 2024.
