Dubai Islamic Bank (DIB) said its net profit for the second quarter of 2023 increased 18.4% year-on-year to $437.1 million, driven by higher income from Islamic financing and investing activities.
The bank's net profit for the April-June period came in at $437.1 million, compared to $369 million reported for the second quarter of 2022.
Income from Islamic financing and investing transactions jumped 55.3% year-on-year to $1.1 billion for the quarter, while income from property investments climbed 55.5% to $16.1 million.
For the first half of 2023, DIB recorded a net profit of $857.7 million, up 15.1% year-on-year. Assets during the period increased 4% to $81.6 billion.
DIB CEO Adnan Chilwan said the bank's balance sheet reached a "historic milestone" of $81.7 billion, a rise of 4% year-to-date.
DIB Chairman Ibrahim Al Shaibani said the banking sector remains resilient with growing credit portfolios supported by the private sector and government-related entities as well as the retail sector.
DIB issued a $1 billion sustainable sukuk in February 2023, following the issuance of a $750 million sustainable sukuk in November 2022.
The UAE's economy grew by 7.9% in 2022 and non-oil GDP increased 6.6%, reflecting a diversifying economy.
