Dubai Islamic Bank (DIB) posted a pre-tax profit of Dh 9 billion for the financial year ending December 31, 2024, representing a 27% year-on-year increase. Net profit rose by 16% to Dh8.2 billion, driven by growth in total income, which reached Dh23.3 billion, a 16% increase compared to the previous year. The bank’s net operating revenue also expanded by 10% to Dh12.8 billion.
Total assets grew by 10%, reaching Dh345 billion, while net financing and sukuk investments climbed to Dh295 billion, supported by a 7% rise in net financing. Customer deposits rose to Dh249 billion, an increase of nearly 12%, with current and savings account (CASA) deposits making up 38% of total deposits.
Impairment charges declined significantly, falling by 71% to Dh407 million, reflecting improved market conditions. The non-performing financing (NPF) ratio dropped to 4%, 140 basis points lower than the previous year, with cash coverage improving to 97%. The cost-to-income ratio decreased to 26.7%, reflecting increased operational efficiencies through automation and digitalisation. The capital adequacy ratio stood at 18.3%, with the CET1 ratio at 13.2%, reflecting a strong capital position.
DIB saw growth across multiple business segments. Consumer banking assets rose to Dh63 billion, with new underwriting expanding by 23%. Cards and auto financing recorded notable increases, growing by 29% and 25%, respectively. Corporate banking assets reached Dh149 billion, reflecting a 4% year-on-year rise. Corporate deposits saw a 19% increase, with CASA deposits growing by 39%. Treasury and capital market activities also performed well, with sukuk investments rising by 20% to Dh82 billion and new underwriting reaching Dh21.7 billion.
