Dubai Islamic Bank’s profit grows 10% to $3.5 billion in 2024

Dubai Islamic Bank’s profit grows 10% to $3.5 billion in 2024

Dubai Islamic Bank (DIB) reported a 10% increase in its net income, reaching $3.5 billion (AED 12.8 billion) in 2024, according to a stock exchange filing on Wednesday.

Financial Performance

Dubai Islamic Bank (DIB) made a net profit of $2.2 billion (AED 8.2 billion) last year, which is 16.5% more than in 2023. This information was shared in a report posted on the Dubai Financial Market (DFM).

The bank’s earnings per share (EPS), both basic and diluted, rose by 18.2% compared to the previous year, reaching 28 cents (AED 1.04) by December 31, 2024.

DIB’s total income for the year was $2.2 billion (AED 7.9 billion), which is a 21% increase from the previous year. By the end of 2024, the bank’s total assets grew by 9.7% to reach $93.8 billion (AED 344.7 billion).

Forbes Ranking

DIB was ranked 14th among the “30 Most Valuable Banks in the Middle East 2024” by Forbes. It also secured the 21st position on Forbes Middle East’s “Top 100 Listed Companies 2024.”

Share Price

As of 2:00 p.m. AST on Wednesday, DIB’s stock price had dropped by 4% to $2.07 (AED 7.6) per share. This gave the bank a total market value of $15 billion (AED 55 billion).

Business Expansion

In January 2025, DIB increased its ownership in Türkiye’s T.O.M. Group of Companies from 20% to 25%. The bank had first bought a stake in this Turkish company in September 2023. DIB said this move strengthens its presence in Dubai’s growing financial market. However, the bank did not reveal how much it paid for the extra 5% stake.

Published: 13th February 2025

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