It recorded a strong growth of 45%, and the total income exceeded 6.26 billion dirhams
2.7 billion dirhams net half-year profit for "Dubai Islamic"
Net operating profit recorded a strong growth of 9%.
From the source
picture
Dubai Islamic Bank announced its financial results for the first half ending on June 30, 2022, which showed a strong growth in the group's net profit by 45% year-on-year, to reach 2,700 billion dirhams, compared to 1.864 billion dirhams for the same period in 2021.
Financing and Sukuk
According to the financial results, the total new financing and sukuk investments recorded a significant increase of 33 billion dirhams, during that period, while the bank achieved an amazing growth of 20 billion dirhams, excluding periodic payments and receivables.
In turn, net financing and sukuk investments recorded a growth of 6%, reaching 241.3 billion dirhams, compared to 228.5 billion dirhams in 2021, which indicates a strong recovery in 2022, despite periodic payments and sukuk receivables worth 13 billion dirhams, as well as early repayments. Seven billion dirhams.
revenue and income
Net operating income witnessed a strong growth of 9% on an annual basis and 4% on a quarterly basis, to reach AED 5.039 billion.
The total income amounted to 6.265 billion dirhams, compared to 5.842 billion dirhams, with an increase of 7% on an annual basis, and 8% on a quarterly basis.
Earnings and budget
The net operating profit also witnessed a strong growth of 9%, reaching 3.684 billion dirhams, compared to 3.382 billion dirhams in the first half of the previous year.
The balance sheet maintained its strength at 282.2 billion dirhams, an increase of 1% since the beginning of 2022 to date.
gradual recovery
Director of the Court of His Highness the Ruler of Dubai, Chairman of Dubai Islamic Bank, Mohammed Ibrahim Al Shaibani, said: “Global growth has been moderate during the first half of the year, due to events that led to disruptions in trade and supply chains.
Despite these events, the countries of the Gulf Cooperation Council and the UAE have maintained their strength, benefiting from solid economic foundations, and strong reforms that have been implemented in the past.
He continued, "The gradual economic recovery in the Emirate of Dubai is still going well, while the excellent results achieved by Dubai Islamic Bank in the first half of 2022 reflect improved macroeconomic conditions."
Al-Shaibani stressed that the bank is proud, through its implementation of a comprehensive and integrated sustainability strategy, that it is fully in line with the vision of His Highness the President of the State, and is committed to enhancing the country's economic competitiveness, and at the same time advancing the sustainability goals set by the state.
He said: “Despite the unfavorable global conditions, we were able to achieve a strong growth in the bank's total income by 7% year-on-year, to reach more than 6.2 billion dirhams.
This clearly reflects the strong fundamentals of the bank and the strength of its balance sheet that helps us overcome the uncertainty in the market.”
Outstanding results
For his part, Group CEO of Dubai Islamic Bank, Dr. Adnan Chilwan, said that the bank was once again able to achieve remarkable results, as net profits amounted to 2.7 billion dirhams, an increase of 45% on an annual basis, on the back of the strong economic recovery.
He added: “This strong growth comes on the back of the growth of the bank’s core business, as the net operating income increased by 9% on an annual basis and 4% on a quarterly basis, to reach five billion dirhams, with a decrease in impairment losses by 37% on an annual basis.” .
202 billion dirhams of customer deposits
Dubai Islamic Bank's financial results revealed that customer deposits currently amounted to 202.2 billion dirhams, pointing out that current and savings accounts constitute 44% of the customer deposit base.
For its part, impairment losses declined significantly to 948 million dirhams, down 37% on an annual basis, compared to 1.498 billion dirhams in the previous year, which reflects the continued improvement in the quality of assets.
Dubai Islamic confirmed that liquidity was maintained at good levels, with the financing to deposit ratio reaching 96%, and the liquidity coverage ratio reaching 117%.
Follow our latest local and sports news and the latest political and economic developments via Google news