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Dubai Islamic Bank (DIB) reports strong financial performance in Q3 2023

The bank’s balance sheet passed the AED300 billion milestone for the first time, reaching AED313 billion ($85.23 billion), up 9% YTD.

The bank’s balance sheet passed the AED300 billion milestone for the first time, reaching AED313 billion ($85.23 billion), up 9% YTD.

Dubai Islamic Bank (DIB), the largest Islamic lender in the UAE, has unveiled impressive financial results for the third quarter of 2023 and the first nine months of the year. 

These results have been attributed to rising core revenues, non-funded income, and reduced impairment charges.

Q3 2023 Highlights

  • DIB’s total net income for the third quarter ending on September 30 soared to AED4.82 billion ($1.3 billion), a notable increase from AED4.1 billion in the same period the previous year.

First Nine Months of 2023

  • Over the first nine months of 2023, DIB reported total income of AED14.5 billion ($3.95 billion), marking a substantial 47 percent growth compared to the corresponding period in the previous year.

These remarkable financial results underscore DIB’s robust performance and its ability to capitalize on core revenues and non-funded income, which have significantly contributed to the bank’s continued success in the competitive financial landscape of the UAE.

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