DIB Bank Kenya, a subsidiary of Dubai Islamic Bank profit before tax surged 105% YoY to KES 6.3 million for the period ending March 31, 2024.
This marks a significant milestone for the Bank as it reports its first profit since it began its operations in Kenya the lender said.
The Bank attributes this stellar performance to increased customer confidence in Shariah banking and DIB Bank Kenya’s offering, resulting in sustained balance sheet expansion over the years.
Highlights
- Strong balance sheet expansion: Deposits and net financing grew by 49% and 38% YoY, respectively.
- Improved operational efficiency: The Cost-Income Ratio (CIR) significantly improved to 96% from 168% YoY.
- Positive outlook: DIB Bank Kenya projects full-year profitability for 2024.
“This strong performance is a testament to DIB UAE’s long-term commitment to the Kenyan market and the acceptance of its emerging position as an important banking player in Kenya,” DIB Bank Board Member Dr. Steve Mainda said.
“We have been investing steadily for long-term returns by focusing on our people, systems, and delivery channels and will continue to do so as required by our long-term objectives in Kenya.”
The Bank’s branches are located at DIB Bank Kenya Headquarters Upperhill Building, JKUAT Towers along Banda Street, Sarit Westlands, and Mega Plaza Shopping Mall Eastleigh, Nairobi, and Moi Avenue and Suhufi Plaza Bondeni, in Mombasa.
