DIB Bank Kenya (DIBBK), a wholly owned subsidiary of Dubai Islamic Bank PJSC (the largest Islamic bank in the UAE), announced its results for the period ending March 31, 2024.
During the three months, the bank's performance surged, with profit before tax growing by 105 performance annually, supported by higher core revenues, controlled costs, and lower impairments.
This marks a significant milestone for the Bank as it reports its first profit since it began its operations in Kenya.
The Bank attributes the stellar performance to increased customer confidence in Shariah banking and DIB Bank Kenya's offering, resulting in sustained balance sheet expansion over the years.
"Despite a challenging economic environment, DIB Kenya has demonstrated resilience and achieved growth across all the key parameters. 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 stated.