DIB Bank Kenya (DIBBK), a wholly owned subsidiary of Dubai Islamic Bank PJSC, has recorded a full year profit of Sh103.4 million from a loss of Sh256 million in 2023 for the period ending December 31, 2024.
The growth has been driven by the growing customer confidence in Shariah-compliant banking and its offerings, which have contributed to a sustained balance sheet growth over time.
“Our commitment to delivering exceptional value through our financial services continues to support the growth of our customers’ businesses, which in turn fuels the Bank’s ongoing expansion. We deeply appreciate the patronage of our customers and remain committed to deepening our mutual relationship as we support their businesses, Ms. Mary Kanuku Ag. CEO/Managing Director DIB Bank Kenya, said.
The Bank says it remains focused on its expansion strategy within the country, with recent branch openings in South C and Nyali. DIB Bank Kenya is dedicated to increasing its footprint across the nation, leveraging digital solutions to enhance the customer experience.
“As we further grow our presence in Kenya, we reiterate our dedication to the country as a key partner in advancing Islamic finance,” said Dr. Steve Mainda, Board Member of DIB Bank Kenya. “Kenya’s vibrant market offers a perfect match for our goal of delivering inclusive financial solutions grounded in Islamic values. Building on our legacy as pioneers in Islamic banking, along with our solid financial foundation and global network, we are committed to supporting the Kenyan market. We aim to solidify our role as a strategic ally in Kenya’s economic growth, contributing to its broader socio-economic progress and prosperity.”
Mainda’s sentiments are supported by reports that the future looks positive with a projected sustained profitability for 2025, according DIB Bank. The outlook is anchored on a strong balance sheet, stable capitalization and liquidity levels, a sustained focus on managing asset quality, and the continuous implementation of efficient business models.
Performance Highlights:
- Strong growth in profit before tax to reach Sh103.4 million, being 140 per cent Year on Year (YoY) growth compared to a loss of Sh256 million in 2023. This growth was mainly driven by growth in non-funded income.
- Moderate Balance sheet expansion of 9 per cent to Sh28.8 billion from Sh26.5 billion in 2023 supported by growth in customer deposits across various segments.
- Efficient deployment of funds saw net financing close at Sh17.8 billion, up 3 per cent YoY compared to Kes 17.3 billion in 2023.
- Liquidity at 32 per cent, well above the minimum statutory of 20 per cent
- Strong capitalization with CAR at 17.9 per cent.
