Dubai Islamic Bank Sees 58% Increase in Net Profit Year-on-Year in the First Quarter of 2022

Dubai Islamic Bank Sees 58% Increase in Net Profit Year-on-Year in the First Quarter of 2022

https://islamicmarkets.com/articles/dubai-islamic-bank-sees-58-increase-in-net-profit-year-on-year
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Dubai Islamic Bank (DIB) has announced its financial results for the first quarter of 2022 (1Q 2022), recording a 58% increase in net profit year-on-year (YoY) from AED 853 million (USD 232.2 million) in 2021 to AED 1.34 billion (USD 364.8 million), in a statement made by the lender on the 27th of April to the Dubai Financial Market.

Why it Matters?

The positive results come from lower impairments and stronger top-line growth. Impairment losses decreased 44% YoY to AED 417 million (USD 113.5 million) compared to AED 751 million (USD 204.4 million) in the previous year, displaying improving asset quality. Considerable volume growth and new underwriting in the face of improved operating circumstances and a recovering economy led to a balance sheet increa...