Dubai Islamic Bank announced its financial results for the first half ended June 30, 2022, which showed a strong 45% year-on-year growth in the group’s net profit, which reached 2,700 billion dirhams compared to 1.864 billion dirhams. Same time in 2021.
Finance and Sukuk
According to the financial results, total new fund and sukuk investments recorded a significant increase of 33 billion dirhams, while the bank achieved an impressive growth of 20 billion dirhams, excluding periodic payments and receivables.
In turn, net financing and sukuk investments recorded 6% growth, reaching 241.3 billion dirhams, compared to 228.5 billion dirhams in 2021, indicating a strong recovery in 2022, despite periodic payments and sukuk receivables worth 13 billion dirhams. Early repayment. Seven billion dirhams.
Revenue and Income
Net operating income saw strong growth of 9% year-on-year and 4% quarter-on-quarter, reaching AED 5.039 billion. Total revenue was 6.265 billion dirhams, up 7% year-on-year and 8% quarter-on-quarter, compared to 5.842 billion dirhams.
Revenue and Budget
Net operating profit saw a strong growth of 9%, reaching 3.684 billion dirhams compared to 3.382 billion dirhams in the first half of the previous year. The balance sheet maintained its strength at 282.2 billion dirhams, an increase of 1% from the start of 2022 to date.
Gradual recovery
Mohammed Ibrahim Al Shaibani, Director of Dubai Ruler of Dubai Court and Chairman of Dubai Islamic Bank, said: “Global growth moderated in the first half of the year due to events that led to disruptions in trade and distribution. chains. Despite these events, the countries of the Gulf Cooperation Council and the United Arab Emirates have maintained their strength, benefiting from solid economic foundations and strong reforms implemented in the past.
He continued, “The gradual economic recovery of the emirate of Dubai is still good, while the excellent results achieved by Dubai Islamic Bank in the first half of 2022 reflect improved macroeconomic conditions.”
Al-Shaibani emphasized that the bank prides itself on implementing a comprehensive and integrated sustainability strategy. At the same time advancing the sustainability goals set by the state.
He said: “Despite unfavorable global conditions, we were able to achieve a strong 7% year-on-year growth in the bank’s total revenue, reaching 6.2 billion dirhams. This clearly reflects the strong fundamentals of the bank and the strength of its balance sheet which helps it weather the uncertainty in the market.
Excellent results
For his part, Dr Adnan Silwan, Group CEO of Dubai Islamic Bank, said the bank was once again able to achieve significant results with net profit of 2.7 billion dirhams, up 45% year-on-year. On the back of a strong economic recovery.
He added: “This strong growth comes on the back of growth in the bank’s core business, with net operating income up 9% year-on-year and 4% quarter-on-quarter to reach five billion dirhams. 37% in impairment losses on an annualized basis.” .
202 billion in customer deposits
Dubai Islamic Bank’s financial results revealed that customer deposits currently stand at 202.2 billion dirhams, with current and savings accounts accounting for 44% of the customer deposit base.
For its part, impairment losses decreased significantly to 948 million dirhams, down 37% year-on-year from 1.498 billion dirhams in the previous year, reflecting continued improvement in asset quality.
Dubai Islamic confirmed that liquidity is maintained at a good level, with a funded deposit ratio of 96% and a liquidity coverage ratio of 117%.
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