DIB Bank Kenya (DIBBK), a subsidiary of Dubai Islamic Bank PJSC, has announced impressive financial results for the period ending March 31, 2024, marking a significant turnaround with its first-ever quarterly profit since commencing operations in Kenya.
The bank’s performance demonstrated remarkable resilience and growth, with profit before tax soaring by 105% year-on-year (YoY) to Kes 6.3 million, compared to a loss position of Kes 125 million in the same period last year. This exceptional growth was underpinned by increased core revenues, controlled costs, and reduced impairments.
Dr Steve Mainda, a Board Member of DIB Bank, credited the stellar performance to growing customer confidence in Shariah banking and the bank’s offerings, which have led to sustained expansion of its balance sheet over time.
The financial highlights for the first quarter of 2024 reveal several key milestones:
- Balance Sheet Expansion: The bank’s balance sheet surged by 49% YoY, closing at Kes 28.2 billion, supported by robust growth in customer deposits.
- Customer Deposits: Customer deposits witnessed a 49% YoY increase, reaching Kes 21.6 billion across various segments.
- Net Financing: Efficient fund deployment resulted in net financing closing at Kes 17.2 billion, up 38% YoY.
- Liquidity and Capital Adequacy: The bank maintained healthy liquidity at 36%, well above the statutory requirement of 20%. Additionally, the Capital Adequacy Ratio (CAR) stood strong at 18.9% against the required 14.5%.
- Operational Efficiency: DIB Bank Kenya achieved significant improvement in operational efficiency, with the Cost-Income Ratio (CIR) improving to 96% from 168% in the same period last year.
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