Dubai Islamic Bank, the largest Islamic bank in the UAE, said second quarter net profit jumped 14 per cent as income from financing, joint ventures and investment properties increased.
Net profit for the three month ending June 30 climbed to Dh1.38 billion, the lender said in a statement to the Dubai Financial market, where its shares trade. DIB beat the highest estimate of analysts polled by Bloomberg.
“We continue to sustain the growth of our balance sheet evidenced by the consistent increasing market share of DIB in the industry over the past few years,” said Dubai Islamic Bank managing director, Abdulla Al Hamli.
“The progress on digital ambitions continues with the launch of significantly enhanced products and services to the modern customer leading to a more personalised and secured banking journey that can be experienced anytime and anywhere.”
DIB posted a 12.5 per cent year-on-year rise in its first half net income which reached to Dh2.7bn on the back of an increase in revenue and strong liquidity position. Net operating revenue rose by 16 per cent year-on-year to Dh4.7bn in the first six months of this year, the bank added.
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