Dubai Islamic Bank (DIB)’s net income rose 26% y-o-y to AED 7 bn in 2023, with revenues rising 43% y-o-y to AED 20 bn, according to the bank’s earnings release.

Growth across the board: DIB reported growth across its consumer banking, corporate banking, and sukuk investment portfolios last year. The breakdown:

  • Consumer banking: DIB’s consumer banking portfolio grew 8% to AED 56 bn in FY 2023 and generated AED 5.3 bn in revenues during the year, up 9% y-o-y.
  • Corporate banking: The bank’s corporate banking portfolio reached AED 143 bn, up 7% y-o-y driven by expansions in the services, utilities, automobile, and financial institution sectors. The segment's revenue inched up 1% to AED 2.9 bn.
  • Treasury: Net financing and sukuk investments rose 12% y-o-y to AED 268 bn. The bank’s sukuk investment portfolio grew 30.5% y-o-y to AED 68 bn, constituting 22% of the bank’s assets. Gross new sukuk investments in 2023 totaled AED 21 bn, up 52% y-o-y, resulting in a net growth of AED 16 bn for the year.

The rise in numbers was driven by higher non-funded revenue and reduced impairment charges, and were “supported by significant asset growth, stable costs, and strong margins, solid recoveries,” said CEO Adnan Chilwan.

Dividends: The bank proposed a 45% dividend, pending shareholder approval at the annual general meeting.

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