Dubai Islamic Bank Total Income Grows 15.9% To $6.36bn In 2024

The group’s profit before tax was up 27 per cent to AED 9 billion ($2.45 billion), while net profit was up 16 per cent to AED 8.17 billion ($2.22 billion).

Dubai Islamic Bank’s financial performance

Growth was supported by non-funded income which grew by 33 per cent. Net Operating Revenue grew 10.1 per cent to reach AED 12.83 billion ($3.49 billion). Total assets of the bank now stand at AED 345 billion ($93.95 billion), up 10 per cent YoY.

Continued investments in resources and technology led to operating expenses increasing by 8.3 per cent to AED 3.43 billion ($930 million), but the cost income ratio was lower by 40 bps.

Customer deposits were up almost 12 per cent to AED 249 billion ($67.8 billion). CASA (current account saving account) reached AED 95 billion ($25.9 billion), up approximately 15 per cent YoY and comprising 38 per cent of deposits. Investment deposits remained stable at 62 per cent of overall deposits after growing nearly 10 per cent during the year.

Non-performing financing (NPF) ratio improved to 4.0 per cent to AED 9.1 billion ($2.48 billion), significantly down by 140 bps compared to AED 11.5 billion in 2023.

Gross new underwriting and sukuk investments during the year significantly increased to AED 102 billion, a solid growth of 16 per cent compared to AED 88 billion the previous year. Both retail and corporate showed strong growth at 23 per cent YoY and 18 per cent, respectively.

Net financing & Sukuk investments stood at AED 295 billion ($80.3 billion), up by more than 10 per cent from AED 268 billion in FY 2023.

Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, underlined Dubai’s buoyant economy as one of the big factors for the impressive result posted by the bank.

“Dubai continued to strengthen its economy during 2024 with growth being seen across all key areas of the economy including the domestic financial markets. From real estate, tourism, trade and banking services, the emirate demonstrated robust growth, establishing itself as the world’s premier business hub,” said Al Shaibani.

“We, at DIB have 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.”

Dr Adnan Chilwan, Group CEO, Dubai Islamic Bank added: “2024 proved to be another record year for DIB with our earning assets growing by 10 per cent YoY to AED 295 billion and balance sheet rising by a similar trend to AED 345 billion beating our full-year guidance. Growth was supported by gross new underwriting crossing the AED 100 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 organisation, strengthening resources, investing in innovation, including critical upgrades of our technological platforms to cater towards the fast-growing digital economy.”