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DIB Plans to Raise Customer Base; Focus on Retail Sector
DUBAI - The Dubai Islamic Bank, the world’s third largest Islamic bank, plans to increase its customer base by 15 per cent and expects to generate 47 per cent of the total revenue from retail banking operations this year.
By the end of this year, the bank forecasts that its total number of customers will reach 900,000, while the bank’s retail assets business is expected to grow by approximately 20 per cent, the bank said in a statement.
Outlining its growth strategy for 2009, the bank also announced opening of 10 new branches in the UAE.
The bank said that despite extremely challenging global financial conditions, the expansion of its retail business is expected contribute significantly to its projected annual balance sheet growth.
The bank plans to focus not only on traditional bricks-and-mortar branches but also has a strategy to enhance its network through Al Islami Express Banking Centres as well as state-of-the-art technological channels.
“While we recognise the challenges that lie ahead, we are confident that the bank’s 2009 growth strategy will deliver significant and sustained returns,” said Khaled Al Kamda, Group Managing Director, Dubai Islamic Bank.
Last month the bank announced a net profit of Dh1.73 billion for 2008, which was eight per cent down from the previous year’s profit of Dh1.88 billion.
“With a renewed focus on retail operations, the bank will continue to expand its customer base while diversifying its income sources. This strategy will allow the bank to continue to strengthen its overall risk profile, which is especially critical given current market conditions,”Al Kamda said.
“Enhancing the bank’s existing corporate governance structures is also a primary focus area for 2009,” he added, pointing out that the bank maintained an extremely strong financing-to-deposit ratio of 79 per cent as of December 31, 2008, a clear indication of its healthy liquidity position. DIB also reported a robust capital adequacy ratio of 12.2 per cent for the same period. “We want to focus on meeting the needs of our clients, shareholders and other stakeholders,” said Abdulla Al Hamli, Chief Executive Officer, Dubai Islamic Bank.
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