Dubai – Mubasher: Dubai Islamic Bank (DIB) on Wednesday reported a 12.1% year-on-year profit increase in the first nine months of 2018, registering AED 3.701 billion, from AED 3.301 billion.

The UAE’s largest sharia-compliant lender’s total income advanced by 13.6% to AED 8.532 billion in the January-September period of this year, from AED 7.510 billion in the same period a year earlier, according to a filing to the Dubai Financial Market (DFM).

Total assets grew 7.4% to AED 222.8 billion in the nine-month period ended September, versus AED 207.3 billion in the prior year period.

“The UAE is on track to sustaining its growth following recovery in global oil prices, new reforms and government stimulus which includes initiatives in boosting the private sector to diversify sources of growth,” DIB’s chairman Mohammed Ibrahim Al Shaibani said.

During the first six months of 2018, the Dubai-based lender’s net profit hiked 15% year-on-year to AED 2.384 billion.