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DIB sees higher net profits in Q1-24 at AED 1.6bn

DIB sees higher net profits in Q1-24 at AED 1.6bn
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Dubai – Mubasher: The net profits of Dubai Islamic Bank (DIB) surged to AED 1.66 billion in the first quarter (Q1) of 2024 from AED 1.50 billion in Q1-23.

DIB registered a total net income amounting to AED 5.60 billion in Q1-24, higher by 27% than AED 4.43 billion a year earlier, according to the consolidated interim financial results.

Furthermore, the basic and diluted earnings per share (EPS) hit AED 0.21 at the end of March 2024, up year-on-year (YoY) from AED 0.19.

Net operating revenues posted a robust increase of 8.80% YoY to reach AED 2.99 billion.

Customer deposits jumped to AED 235.78 billion in Q1-24 from AED 222.05 billion as of 31 December 2023, while the total assets hiked to AED 327.31 billion from AED 314.29 billion.

Last year, DIB delivered its highest profitability in history, with net profits valued at AED 7 billion