Dubai Islamic Bank, the UAE’s largest Islamic bank, reported a total income of AED 23.34 billion ($6.36 billion) for 2024, marking a 15.9 per cent increase from AED 20.14 billion ($5.49 billion) in 2023. Pre-tax profit rose by 27 per cent to AED 9 billion ($2.45 billion), while net profit grew 16 per cent to AED 8.17 billion ($2.22 billion).
Growth was driven by a 33 per cent rise in non-funded income. Net operating revenue increased by 10.1 per cent to AED 12.83 billion ($3.49 billion). The bank’s total assets reached AED 345 billion ($93.95 billion), reflecting a 10 per cent year-on-year rise. Operating expenses grew by 8.3 per cent to AED 3.43 billion ($930 million), though the cost-to-income ratio improved.
Customer deposits rose nearly 12 per cent to AED 249 billion ($67.8 billion), with CASA deposits increasing by 15 per cent to AED 95 billion ($25.9 billion), representing 38 per cent of total deposits. Investment deposits grew by nearly 10 per cent, maintaining a 62 per cent share.
The non-performing financing (NPF) ratio improved to 4.0 per cent, with NPFs dropping to AED 9.1 billion ($2.48 billion), a 140-bps improvement from 2023. Gross new underwriting and sukuk investments surged 16 per cent to AED 102 billion. Net financing and sukuk investments increased by over 10 per cent to AED 295 billion ($80.3 billion).
Chairman Mohammed Ibrahim Al Shaibani credited Dubai’s strong economy for the bank’s success, while Group CEO Dr Adnan Chilwan highlighted record earnings, innovation-driven growth, and digital transformation as key factors in DIB’s performance.
