Sharp Daily
No Result
View All Result
Wednesday, September 10, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

DIB Bank Kenya reports staggering 105% profit growth, marks first profit

David Musau by David Musau
May 17, 2024
in News
Reading Time: 1 min read

DIB Bank Kenya, a subsidiary of Dubai Islamic Bank, has announced its impressive financial results for the period ending March 31, 2024.

The bank reported a remarkable surge in performance, with a 105% year-over-year growth in profit before tax. This outstanding achievement was attributed to higher core revenues, controlled costs, and lower impairments. Notably, this marks a significant milestone for the bank as it reports its first profit since commencing operations in Kenya.

The bank credits its stellar performance to increased customer confidence in Shariah banking and DIB Bank Kenya’s offerings, which have resulted in sustained balance sheet expansion over the years.

Dr. Steve Mainda, a board member of DIB Bank, expressed pride in the bank’s resilience and growth across all key parameters in the face of a challenging economic environment. He emphasized DIB UAE’s long-term commitment to the Kenyan market and its emerging position as a significant banking player in Kenya.

RELATEDPOSTS

No Content Available

The bank’s balance sheet expanded strongly by 49% year-over-year, closing at KES 28.2 billion compared to KES 18.8 billion in the same period last year, supported by substantial growth in customer deposits. Additionally, the bank recorded steady growth in customer deposits across various segments, achieving a 49% year-over-year increase to close at KES.21.6 billion.

The efficient deployment of funds resulted in net financing closing at KES 17.2 billion, marking a 38% year-over-year increase compared to KES 12.4 billion. Moreover, the bank maintained healthy liquidity at 36%, surpassing the statutory requirement of 20%, and demonstrated strong capitalization with a Capital Adequacy Ratio (CAR) at 18.9%, against the required 14.5%.

Notably, the bank also made significant strides in operational efficiency, as evidenced by the Cost-Income Ratio (CIR) improving to 96%, down from 168% reported in the same period last year. This performance positions DIB Bank Kenya as a formidable force in the Kenyan banking sector.

Previous Post

Starlink hikes Kenya satellite internet prices weeks after hardware discount

Next Post

What Finance Bill 2024 means for the retirement landscape

David Musau

David Musau

Related Posts

News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025
News

Kick financial goals: Invest with CMMF this football season

August 22, 2025
commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025

LATEST STORIES

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025

Why knowing your pension exit options matters, especially in the public sector

September 5, 2025

Breaking the Silence: Understanding and Supporting Suicide Awareness Month

September 5, 2025

Strategic financial moves steer Kenya’s economic stability

September 4, 2025
Private equity investment business concept

Private equity and insurance

September 4, 2025

How reforming payroll taxes can stabilize employment trends

September 4, 2025

How public ratings could shift healthcare dynamics in Kenya

September 4, 2025

Boosting Your Retirement Savings with Additional Voluntary Contributions (AVCs)

September 4, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024