Dubai Islamic Bank shareholders approve 45% dividend for 2024

Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank, successfully concluded its Annual General Assembly (AGM), with shareholders approving the bank's financial statements for the year 2094 and other tabled resolutions, including the Board and management's strategic agenda for the coming years.

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2024 proved to be another record year for DIB, with the bank reporting a total income of Dhs93.3 billion, marking a 16 percent year-on-year growth.

Group (Pre-tax) profit surged to over Dhs9.0 billion, up nearly 27 percent from the previous year, while Net financing and Sukuk Investment reached Dhs295 billion, reflecting an increase of 10.1 percent year-on-year.

The above supported the balance sheet expansion as DIB's Total Assets expanded by 9.7 percent year-on-year to close at Dhs345 billion. The solid 2024 performance enabled a 45 percent cash dividend, aggregating to an amount of approximately Dhs3.25 billion, and nearly 50 percent of the net profit available for distribution.

In addition to approving the financial results and dividend distribution, shareholders ratified key governance matters, including the confirmation for appointing the bank's Internal Sharia Supervision Committee.