Dubai Islamic Bank (DIB) on Wednesday announced that its profits rose 16% year-on-year in the first quarter of 2018.
Profits amounted to AED 1.21 billion ($33 million) in Q1-18 up from AED 1.04 billion ($280 million) in the same period of 2017, according to the bank’s statement to Dubai Financial Market (DFM).
Revenues of the largest Islamic bank in the UAE levelled up 9% to AED 1.97 billion for the three months ended 31 March versus AED 1.80 billion for the same period the year before.
Moreover, operational expenses for the first three months of the year declined to AED 590 million, from AED 592 million in Q1-17, according to the statement.
DIB had last reported a 25% profit hike to AED 4.50 billion for the full-year 2017 from AED 3.59 billion over 2016.