Dubai – Mubasher: Dubai Islamic Bank (DIB) saw a 10% growth in its profits year-on-year during the second quarter of 2017, according to a bourse statement.

Net profits reached AED 1.10 billion ($299.4 million) in Q2-17, compared to AED 1 billion ($272.2 million) in Q2-16.

Net revenues rose 12.65% to AED 1.87 billion in Q2-17, compared to AED 1.66 billion in Q2-16.

Operating expenses went up 2.2% to AED 570.2 million in Q2-17, compared to AED 583.23 million in Q2-16.

The bank generated net profits of AED 2.143 billion in the first half of 2017, up 7% from AED 2.004 billion in the same period in 2016.

“DIB continues to show remarkable progress with total income now reaching nearly AED 5 billion, a significant increase of 15% compared to the same period last year,” according to DIB chairman Mohammed Ibrahim Al Shaibani.

“Our international expansion is on track as the bank officially received its license in April from the Central Bank of Kenya to start our operations,” Al Shaibani noted.

“The 9% growth in financing assets supported by the 16% rise in customer deposits clearly showcases the franchise’s incredible ability to continue to generate liquidity at will while simultaneously deploying the same in quality earning assets,” DIB group CEO Adnan Chilwan.