UAE’s DIB Reports 16% Rise in 2024 Net Profit
DIB sees strong income growth as impairment charges drop 71%
Dubai Islamic Bank Reports 16% Profit Growth in 2024, Reaching AED 8.16 Billion
The biggest Islamic lender in the United Arab Emirates, Dubai Islamic Bank (DIB), announced a 16% rise in its 2024 full-year net profit, coming in at 8.16 billion dirhams ($2.2 billion). Compared to the prior year, this is a notable increase.
AED 23.34 billion was the year’s total income, a 16% increase. Furthermore, net operating sales increased by 10% to AED 12.84 billion.
The bank’s primary business operations have grown significantly, as seen by the 10% increase in sukuk investments and net financing to AED 295 billion.
Impairment charges experienced a significant 71% decrease at AED 407 million, suggesting an improvement in asset quality.
These results show DIB’s outstanding performance, which has been driven by effective management strategies and significant growth in its financing and investment areas.
