Dubai (Al-Ittihad)
Dubai Islamic Bank Group’s pre-tax profits for the first half of 2024 grew by 18% year-on-year to AED 3.72 billion, while the group’s net profits reached AED 3.37 billion, an 8.6% year-on-year growth.
The Group’s pre-tax profits for the second quarter of 2024 recorded a growth of 14% year-on-year and over 1% quarter-on-quarter, reaching AED 1.87 billion, reflecting the Bank’s resilient performance.
Net financing and sukuk investments grew by 3.8% year-to-date to AED 278 billion, while total new financing and sukuk investments in the first half of 2024 reached AED 43.4 billion.
Commenting on the financial results, His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “Global growth remained steady as many central banks around the world continued to pause interest rate hikes, leading to more moderate global inflation levels and contributing to overall economic stability at the international level. The UAE remains remarkably resilient with key sectors recording positive momentum, such as tourism, hospitality and transportation, and the financial sector showing improved asset quality and higher profitability. The UAE’s banking system remains strong, with ample capitalization facilitating balance sheet expansion despite tightening global financial conditions.”
“This is also reflected in DIB’s results for the first half of 2024, with the bank’s balance sheet growing by 2.7% to AED 323 billion. The bank’s leadership in Islamic capital markets has been further strengthened, not only by facilitating world-class deals, but also in its ability to raise funds, particularly in the area of environmental, social and institutional governance, with the bank raising over AED 10 billion in the past two years,” he added.
In turn, Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, said: “The bank recorded an impressive performance in the first half of the year, with total income exceeding AED 11.3 billion, a strong increase of 21% year-on-year. This resulted in the bank achieving an 18% growth in the group’s pre-tax profit to AED 3.7 billion in the first half of 2024. It is worth noting that Dubai and the UAE continue to strengthen their positions as among the most competitive and advanced economies in the world. He added: “The UAE has been ranked as one of the most desirable places to live and work in, as it leverages innovation-driven strategies that promote economic growth and diversification, establishing itself as a global hub for trade, education, tourism and healthcare. The steady progress of the country is similarly reflected in the bank’s performance and our commitment to delivering stable and sustainable returns for all our stakeholders. “I would like to emphasize that environmental, social and corporate governance is an integral part of our growth plans, which is clearly reflected in the 9% growth in our sustainable asset portfolio year-to-date. Furthermore, the Bank participated in sustainable and green transactions and facilities in the global Islamic capital market worth more than US$6 billion during the first half of the year.”
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