2024-01-29 22:06:43
Four Islamic banks listed on the local financial markets recorded a growth in their net profits at the end of last year 2023, by 37.5%, with an increase in their operating revenues, amid continued growth in demand for credit and banking services, supported by the recovery of economic activities.
The results of the four Islamic banks showed a growth in profits, equivalent to 4.15 billion dirhams, from 11.06 billion dirhams at the end of 2022 to 15.21 billion dirhams at the end of 2023.
The profits of Dubai Islamic Bank, the largest Islamic bank in the UAE, rose by 26% to reach seven billion dirhams at the end of 2023 compared to 5.55 billion dirhams at the end of 2022, supported by an increase in unfunded income and a decrease in impairment loss losses, outperforming Analysts’ expectations of 5.6 billion dirhams.
The bank’s Board of Directors recommended distributing cash dividends to shareholders at the rate of 45 fils per share for last year, conditional on the approval of the bank’s general assembly, which is scheduled to be held on February 27.
Abu Dhabi Islamic Bank’s profits also increased by 45% at the end of the year 2023 to 5.25 billion dirhams, up from 3.62 billion dirhams at the end of 2022, supported by an increase in operating revenues by 36%, which reached 9.3 billion dirhams compared to 6.8 billion dirhams in 2022, as a result of its success. In income diversification and strong growth across all business segments and products.
The bank’s board of directors recommended distributing cash dividends to shareholders of regarding 71 fils per share for last year, conditional on the approval of the bank’s general assembly, which is scheduled to be held on February 29.
In turn, Emirates Islamic’s net profits increased by 71%, reaching 2.12 billion dirhams at the end of last year 2023, compared to profits of 1.24 billion dirhams in 2022 as a result of the bank’s investment in future growth opportunities, in addition to the upward trend in financed and non-funded income, which… Reflects an improvement in business outlook.
In the same context, Sharjah Islamic Bank’s profits increased by 31% to reach 841.5 million dirhams at the end of 2023, compared to 650.9 million dirhams during 2022, supporting the growth of net income resulting from financing and investment products, while maintaining its strong liquidity position report.
The bank’s board of directors proposed distributing cash dividends of 10% of the capital, to be approved at the next general assembly meeting.
• Dubai Islamic Bank’s profits increased by 26% to reach 7 billion dirhams at the end of 2023.
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