james wika 
- DIB Bank Kenya Records Growth as Customer Confidence Drives Business Growth;
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 Dec 31, 2024.
The Bank recorded a full year profitability of Kes 103.4 million from a loss of Kes 256 million in 2023.
This was attributed to 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,” said Ms. Mary Kanuku Ag. CEO / Managing Director DIB Bank Kenya.
The Bank 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.
Financial Performance Highlights:
- Strong growth in profit before tax to reach Kes 103.4 million, being 140% Yoy growth compared to a loss of Kes 256 million in 2023. This growth was mainly driven by growth in non-funded income.
- Moderate Balance sheet expansion of 9% to Kes 28.8 billion from Kes 26.5 billion in 2023 supported by growth in customer deposits across various segments.
- Efficient deployment of funds saw net financing close at Kes 17.8 billion, up 3% YoY compared to Kes 17.3 billion in 2023.
- Liquidity at 32%, well above the minimum statutory of 20%.
- Strong capitalization with CAR at 17.9%.
“As we further grow our presence in Kenya, we reiterate our dedication to the country as a key partner in advancing Islamic finance.
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.” Stated Dr. Steve Mainda, Board Member of DIB Bank Kenya.
The future looks positive with a with a projected sustained profitability for 2025.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.
