Dubai – Mubasher: Dubai Islamic Bank (DIB) reported a 35% surge in its net profits for the first half of 2015 to AED 1.801 billion, a rise from AED 1.337 billion in the same period in 2014, the bank said in a filing to the Dubai Financial Market (DFM) on Wednesday.

DIB said its total income grew 21% to AED 3.625 billion in the six-month period this year, compared to AED 3.004 billion in H1-14, while net revenue increased 21% to AED 3.166 billion from AED 2.607 billion last year.

Impairment losses declined to AED 276 million compared with AED 355 million for the same period of 2014, the Islamic bank said in its statement, adding that it achieved strong growth in earning assets across all business segments as net financing assets were up 18% to AED 87 billion from AED 74 billion at end of 2014.

Meanwhile, Sukuk investments stood at AED 18.7 billion, an increase of 16% from AED 16.1 billion at end of 2014. Finally, total assets rose 18% to AED 146.7 billion compared to AED 123.9 billion at end of 2014.

Mohammed Ibrahim Al Shaibani, DIB chairman and director-general of Court of Dubai said that DIB’s robust H1 results demonstrate its ability “to successfully tap the emerging opportunities across the growing local and international markets providing optimal returns for its shareholders.”

He added that the growth strategy DIB “embarked on last year ensures that a strong performance is sustained on the back of improved macro-economic conditions within the country as well as the external markets we operate in.”