Dubai Islamic Bank H1 Net Profit rises 14% on core business

Dubai 18th July 2018: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE by assets, posted group net profit of Dh2.44 billion in the first-half of 2018 compared with Dh2.14 billion for the same period in 2017, up 14 percent. Net revenue for the period ending June 30, 2018 amounted to Dh4.036 billion, an increase of 10 per cent compared with Dh3.677 billion in the same period of 2017. Total income rose to Dh5.57 billion, up 15 percent. The Bank said earnings growth was driven by strong increase in income from core businesses.

Sukuk investments increased to Dh28.4 billion compared to Dh24 billion at the end of 2017, a growth of 18 per cent. Commissions and fees increased by 14 percent in the first half of 2018, reaching Dh781 million. Assets stood at Dh215.6 billion, up by four percent, compared to Dh207.3 billion at the end of 2017. Customer deposits reached Dh151.4 billion as of H1 2018, a rise of 3 per cent from year end 2017.