Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, registered a group pre-tax profit of AED9.005 billion ($2.452 billion) for the financial year ending December 31, 2024, up 27% YoY, while the group net profit came in at AED8.165 billion (2.223 billion), up more than 16% YoY. 

 

Total income reached AED23.341 billion ($6.355 billion) compared to AED20.142 billion, a solid expansion of 16% YoY, the bank said.

 

Other highlights of the bank's results:

• Net operating revenues showed a robust increase of 10% YoY to reach AED12.837 billion. 

• Net financing and sukuk investments increased to AED295 billion, up 10% YoY. Strong net financing growth at 7% YoY to reach to AED212 billion. 

• Total assets are now at AED345 billion, up by 10% YoY.

• Customer deposits increased to AED249 billion, up nearly 12% YoY with CASA deposit contributing over 38.1%, up 130 bps from 36.8% in end of 2023.

• Impairment charges came at AED407 million, significantly declining by 71% YoY against AED1.396 billion in FY 2023. 

• NPF significantly improved to 4.0% compared to 5.4% in YE 2023, lower by 140 bps YoY. Cash Coverage now at 97%.

• Cost to income ratio lower by 40 bps YoY to 26.7%, as the bank continue to build efficiencies through automation and digitalization.

• LCR remains robust at 159%.

• Pre-tax RoA and RoTE at 2.8% and 24% respectively. Post-tax ROA stable at 2.5% (+20 bps YoY) and ROTE up to 22% (+200 bps YoY).  

• CET1 at 13.2% (+40 bps YoY) and CAR at 18.3% (+100 bps YoY), denoting strong capitalization.

 

Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: "DIB has consistently pursued growth through innovation over the years in line with our commitment to the economic growth agenda of Dubai. This year’s outstanding results have solidified the bank as an undisputed leader in the financial industry. The confidence that the global investor community place on the franchise and the affirmations and acknowledgement received from external stakeholders are a clear testament to the value that we deliver to the financial sector of the UAE."  

 

Dr Adnan Chilwan, Group Chief Executive Officer, said: "The UAE banking sector continues to reaffirm its solid position as the largest in the region. The balance sheet expansion across the sector reflects the fast-growing domestic business activities in line with the economic growth plans to transform and accelerate the UAEs economic progress.

 

"2024 proved to be another record year for DIB with our earning assets growing by 10% YoY to AED295 billion and balance sheet rising by a similar trend to AED345 billion beating our full year guidance. Growth was supported by gross new underwriting crossing the AED100 billion mark during the year, a significant feat amidst a strong competitive environment.

 

"During the year, the bank made huge strides in enhancing its business and processes across the entire organization, strengthening resources, investing in innovation including critical upgrades of our technological platforms to cater towards the fast growing digital economy," he said. - TradeArabia News Service