Dubai, UAE – February 28, 2024
Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank, announced the successful conclusion of its Annual General Assembly (AGM), where shareholders approved the bank’s 2023 financial statements and other resolutions. This outcome reflects shareholders’ confidence in the strategic agenda and plans put forth by the board and management to drive the bank forward.
In 2023, DIB witnessed record growth in profitability, with a remarkable 43% rise in total income to AED 20 billion, resulting in the highest ever net profit in the bank’s history, surpassing AED 7 billion, marking a year-on-year increase of 26%. This exceptional financial performance, coupled with earning assets growth, contributed to the expansion of the bank’s balance sheet to AED 314 billion. In line with its commitment to prioritizing shareholders’ returns, DIB declared a 45% cash dividend amounting to approximately AED 3.25 billion.
The AGM also addressed various agenda items, including the election and appointment of members to the bank’s Internal Sharia Supervision Committee for a three-year term ending in February 2027, the appointment of external auditors for the financial year 2024, and the appointment of representatives for shareholders.
His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness the Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, commented on the bank’s performance and outlook, emphasizing the bank’s role in contributing to the UAE economy’s growth amid global uncertainties. He highlighted DIB’s capability in delivering robust growth, exceptional shareholder value, and shaping the evolution of the Islamic finance sector.
Dr. Adnan Chilwan, Group CEO of DIB, expressed his delight at the bank’s stellar performance in 2023, characterizing it as a landmark period marked by unparalleled achievements and substantial value creation. He acknowledged the unwavering dedication of DIB in supporting crucial sectors across the UAE and the wider GCC region, ensuring customers enjoy a first-class experience. Dr. Chilwan also emphasized the crucial role played by shareholders in supporting DIB’s sustained growth and prosperity.
As a leading Islamic financial institution, DIB made significant progress on its sustainability roadmap in 2023, demonstrating its commitment through strong collaboration with COP 28 and initiatives such as the ‘One Tree for Everyone’ campaign. Looking ahead to 2024 and beyond, DIB will continue to integrate Environmental, Social, and Governance (ESG) principles into its strategy to deliver sustainable growth and contribute to a brighter future for its customers, clients, and communities.
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