Dubai Islamic Bank’s total revenue exceeds 3 billion dirhams for the first quarter of 2022

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Dubai: Dubai Islamic Bank’s net profit rose 58% to 1.3 billion dirhams in the first three months, while total income topped 3 billion dirhams, up 6% .

“Despite unpredictable economic and international conditions hampering progress, the bank’s total income of more than 3 billion dirhams and balance sheet up 3% year-to-date reflect its alignment with the expansion program of the UAE’s economy,” said Mohammed Ibrahim Al Shaibani, Managing Director of the Ruler’s Court of Dubai and Chairman of the Dubai Islamic Bank.

“The UAE continues to grow resiliently with an IMF forecast of over 4% for the year. The banking sector continues to show steady year-on-year growth as earnings from the first quarter of DIBs are returning to pre-pandemic levels.”

Earnings before impairment during the year increased by 10% year-on-year to MAD 1.77 billion from MAD 1.61 billion. “Thanks to prudent risk management and quality underwriting, the bank was able to significantly reduce impairment charges amounting to 417 million dirhams from 751 million dirhams,” the bank said in a statement.

Depreciation charges

Earnings before impairment during the year increased by 10% year-on-year to MAD 1.77 billion from MAD 1.61 billion. “With careful risk management and quality underwriting, the bank was able to significantly reduce impairment charges amounting to 417 million dirhams from 751 million dirhams,” the bank said in a statement.

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