DIB posts 11% profit growth

For the first quarter of 2011, the bank announced a net profit of Dh222 million, compared to Dh200 million in the corresponding period of 2010. This increase in net profitability marks a return to stable growth for the bank, which continues to witness a strong income contribution from its core operations, the bank said. “These positive results — including growth in net profits, assets and customer deposits — reflect the resilience of Dubai Islamic Bank during this period of increasing domestic economic expansion,” said Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.

The bank’s total assets as of March 31, 2011 stood at Dh100.4 billion, an increase of 11 per cent compared to Dh90.1 billion at the end of the previous quarter in 2010. As of the same date, customer deposits stood at Dh72.9 billion, up 15 per cent compared to Dh63.4 billion at the end of the previous quarter in 2010. DIB also reported a robust Basel II capital adequacy ratio of 17.5 per cent as of March 31, 2011.

“Through its focus on diversification and managed growth, Dubai Islamic Bank continues to expand its branch network and overall customer base,” Al Shaibani said, adding that DIB now operates more than 135 branches in the UAE, Pakistan and Jordan, serving nearly 1.3 million customers across the network. So far this year, Al Shaibani noted, DIB has opened two new branches, further supporting its status as the UAE’s leading Islamic bank. “Led by a strong management team and with a clear vision for the future,” he said, “Dubai Islamic Bank will continue to provide an important contribution to the economic growth and diversification of the UAE as a whole.” During the DIB Annual General Meeting in March, the assembly approved the distribution of a dividend of 10 per cent for the year 2010, reflecting the bank’s commitment to sharing its success with its shareholders.

abdulbasit@khaleejtimes.com