May 24, 2024

DIB Bank Kenya Achieves Its First-Ever Profit in Q1 2024

DIB Bank Kenya Achieves Its First-Ever Profit in Q1 2024

DIB Bank Kenya has achieved its first-ever profit since its Kenyan operations began, with a profit before tax of KES 6.3 million in Q1 2024. This is compared to a loss of KES 125 million in Q1 2023, reflecting a 105% increase year-over-year (YoY).

DIB Bank Kenya, a subsidiary of Dubai Islamic Bank PJSC, attributes this stellar performance to the growing customer confidence in Shariah-compliant banking and its own offerings, which has led to consistent growth in its balance sheet.

The bank’s balance sheet experienced exceptional growth, expanding by 49% YoY to reach KES 28.2 billion. This expansion is primarily attributed to a substantial rise in customer deposits, which also witnessed a 49% YoY increase to KES 21.6 billion. The bank also demonstrated efficient utilization of funds with net financing climbing to KES 17.2 billion, reflecting a significant 38% YoY growth.

“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 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.” he added.

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The bank’s financial health is further bolstered by a healthy liquidity ratio of 36%, exceeding the regulatory requirement of 20%. Additionally, a strong Capital Adequacy Ratio (CAR) of 18.9% surpasses the mandated 14.5%, demonstrating DIB Bank Kenya’s robust capitalization.

DIB Bank Kenya also made significant strides in operational efficiency. The improved Cost-Income Ratio (CIR) dropped from 168% to 96% compared to the same period last year indicating the bank’s effective management of its expenses while generating revenue.

DIB Bank Kenya caters to both individuals and businesses with a comprehensive suite of financial products and services designed to meet specific needs. Whether its purchasing a car, investing in a plot of land, or simply managing  day-to-day finances, they have solutions like auto financing, plot purchase financing, and current accounts. Additionally, they cater to residential property requirements with residential financing options.

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DIB Bank Kenya additionally facilitates convenient fund transfers between accounts, including ensuring secure payments to third parties within the bank. For added convenience, individuals can designate beneficiaries for faster and more secure money transfers. This streamlines the process of sending funds to loved ones or business partners.

For enquiries, dib bank kenya customer care can be reached out through the dib bank kenya contact at +254 (0) 709 913 000, or through their email at

Customers can also utilize the dib bank kenya paybill number 342342 for making payments, the dib bank kenya swift code DUIBKENA for international wire transfers, and the dib bank kenya bank code 75 for specific transactions within Kenya.