Dubai Islamic Bank, the UAE’s largest Islamic lender, posted a 12% jump year-on-year (YoY) in its Q1 2023 net profit to 1.5 billion dirhams ($408 million), driven by higher revenues and lower impairments.

The earnings beat Refinitiv’s mean analysts’ estimate of AED 1.43 billion.

Net financing and sukuk investments came in at AED 240 billion, up 1% year-to-date with nearly AED 21 billion in new underwriting during Q1 2023 vs AED 15 billion in Q1 2022, the Dubai Financial Market-listed lender said in a statement on Wednesday.

Impairment charges fell to AED 496 million, down 24% YoY.

Net operating revenues rose 12% YoY to reach AED 2.75 billion.