3.38 billion dirhams, internet income of “Dubai Islamic” within the first half

Dubai Islamic Financial institution reported that it achieved sturdy ends in the primary half of 2024, with internet income after tax reaching 3.38 billion dirhams, a progress of 8.6%, in comparison with 3.11 billion dirhams within the corresponding interval of 2023.

The group’s pre-tax income recorded a progress of 18% 12 months on 12 months, reaching 3.72 billion dirhams. The group’s pre-tax income for the second quarter of 2024 recorded a progress of 14% yearly, and greater than 1% quarterly, to succeed in 1.87 billion dirhams, which displays the financial institution’s resilient efficiency. Internet income for the second quarter after tax got here to 1.71 billion dirhams, a progress of 6.87%, in comparison with 1.6 billion dirhams within the corresponding quarter.

Internet funding and sukuk investments recorded a progress of three.8% yearly thus far, reaching 278 billion dirhams. ., registering a powerful progress of 21.3%.

Internet working revenue achieved a powerful progress of 8.6% year-on-year to succeed in AED 6.05 billion. Internet working income reached 4.37 billion dirhams, registering a progress of 6.4% yearly, in comparison with 4.1 billion dirhams within the first half of 2023.

The stability sheet has seen regular progress, growing by 2.7% 12 months thus far to succeed in AED 323 billion.

Buyer deposits rose to 234 billion dirhams, a rise of 5.4% 12 months thus far, with present and financial savings accounts representing 42% of the shopper deposit base, a rise of 500 foundation factors from 37% in the beginning of the 12 months.

Impairment losses amounted to 652 million dirhams, a lower of 32% 12 months on 12 months, in comparison with 959 million dirhams within the first half of 2023.

The non-performing mortgage ratio improved to 4.99%, in comparison with 5.4% on the finish of 2023, ie 41 foundation factors decrease 12 months thus far. Money protection rose to 95%, a rise of 500 foundation factors this 12 months.

Director of the Courtroom of His Highness the Ruler of Dubai and Chairman of the Board of Administrators of Dubai Islamic Financial institution, Mohammed Ibrahim Al Shaibani, mentioned: “Worldwide progress has been secure as many central banks world wide quickly cease a to boost rates of interest. , which has led to extra average world inflation charges and contributed to reaching common financial stability at a world stage, and the UAE nonetheless has a selected flexibility, as the principle sectors have recorded constructive progress, corresponding to tourism, hospitality, transportation, and finance. sector, which confirmed an enchancment within the high quality of its belongings and a rise in profitability.

He mentioned: “The banking system within the UAE stays sturdy with considerable capitalization, which has expanded the stability sheet regardless of the tightening of the worldwide monetary scenario 2024, because the financial institution’s stability sheet grew by 2.7 %, to succeed in 323 billion dirhams The financial institution’s management within the discipline of Islamic capital markets has additionally been strengthened, not solely by facilitating offers on a worldwide scale, but in addition by its skill to boost funds, to particular within the discipline of environmental, social and institutional administration, because the financial institution was capable of increase greater than 10 billion dirhams within the final two years.

Dubai Islamic Financial institution Group CEO Dr Adnan Chilwan mentioned: “The financial institution recorded a unbelievable efficiency within the first half of the 12 months, as whole income exceeded 11.3 billion dirhams, a powerful enhance of 21% year-on-year, and this continued. for the financial institution reaching 18% progress in group income (pre-tax) will attain 3.7 billion dirhams within the first half of 2024.