Dubai – Mubasher: Dubai Islamic Bank (DIB) posted a 12% year-on-year increase in profits for the first quarter of 2019.

Net profits of the UAE’s largest Islamic bank amounted to AED 1.3 billion in Q1-19, compared to AED 1.21 billion in Q1-18, according to the bank’s filing to the Dubai Financial Market (DFM).

DIB’s total income hiked 26% year-on-year to AED 3.4 billion during the first three months of 2019.

“The banking sector remains resilient with strong capitalisation and rising profitability. DIB continues to progress with a robust set of first quarter results with total income growing by 26% to reach to AED 3.4 billion driven by consistent strong growth across our businesses,” Mohammed Ibrahim Al Shaibani, chairman of DIB, commented.

The bank’s net operating revenue increased by 17% to AED 2.3 billion by the end of March, against AED 1.97 billion in the same period of the prior year.

DIB’s total assets stood at AED 226.5 billion during the three-month period ended last March.

“Global market optimism is returning as reflected by the positive index performances as well as increasing trade volumes in the UAE financial markets since the start of the year,” Al Shaibani concluded.