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DIB Nine-month Net Profit Reaches Dh1.73B

DUBAI - Dubai Islamic Bank (DIB) announced on Monday its financial results for the first nine months of 2008. For the nine months ending September 30, 2008, DIB’s net profit reached Dh1.73 billion, an increase of 35 per cent compared to Dh1.28 billion during the same period last year, excluding the gain on transfer of interest in a DIB subsidiary.

DIB’s total assets increased 17 per cent to Dh86.8 billion as of September 30, 2008, compared to Dh74.1 billion at the end of the same period last year.Financing and investing activity rose 27 per cent to reach Dh52 billion compared to Dh40.8 billion for the first nine months of 2007.

Customer deposits increased 18 per cent to reach Dh68 billion in the nine months ending September 30, 2008, compared to Dh57.5 billion in the corresponding period of 2007.

Commenting on the announcement, Mohammed Ibrahim Al Shaibani, Director-General of The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “On behalf of Dubai Islamic Bank, I am very pleased to share our positive financial results for the first nine months of this year. Operating in a challenging global economic environment, the bank continues to demonstrate the strength of its fundamentals and the soundness of its long-term strategy of diversifying its operations and revenues. “Today more than ever, DIB stands at the forefront of the financing sector by providing financial solutions, products and services that help government and semi-government organisations and private-sector firms sustain own growth.”