Nairobi — DIB Bank Kenya, a subsidiary of Dubai Islamic Bank, has posted its first gross profit since launching operations in Kenya in 2017.

In the three months ended March 31, 2024, the lender's profit before tax improved to Sh6.3 million, representing a 105 percent jump from a similar period in 2023.

The shariah-compliant bank posted a loss of Sh125 million during a comparable period last year.

It says that the growth was driven by rising core revenues, non-funded income, and lower impairment charges.

Likewise, the balance sheet expanded by 49 percent year-on-year (YoY) to Sh28.2 billion compared to Sh18.8 billion, supported by growth in customer deposits.

For instance, customer deposits across all segments expanded by 49 percent to hit Sh21.6 billion.

"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 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."

DIB Bank's liquidity remained healthy at 36 percent, compared to the statutory requirement of 20 percent.

"The future looks positive with a projected full-year profitability for 2024. This 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."