Dubai Islamic Bank net profit record 33 percent increase | MENAFN.COM

Thursday, 19 May 2022 11:21 GMT

Dubai Islamic Bank net profit record 33 percent increase


(MENAFN) Dubai Islamic Bank, the Emirate’s largest Sharia-compliant lender by assets, registered a 33 per cent increase in its last year’s net profit, pushed by lower impairment charges and higher revenue from investment real estate possessions, as the nation’s economy sustained its rebound from the Covid-19 pandemic-prompted economic slump.

According to the lender’s statement on Wednesday to the Dubai Financial Market, where its stocks are exchanged, net profit accredited to owners of the bank for the entire year jumped to more than Dh4.39 billion (USD1.2bn).

Impairment charges in the time frame dropped 46 per cent to Dh2.44bn (USD 664.3), whereas revenue from investment real estate holdings recorded an increase of over a double to reach Dh224.6 million (USD61.14).

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