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Dubai Islamic Bank Q1 profit falls 46pc
DUBAI — Dubai Islamic Bank, or DIB, said on Wednesday that its net profit for the first quarter dropped 46 per cent to Dh200 million from Dh370.3 million recorded in the same 2009 period.
DIB, the world’s first Islamic bank, said its total assets as on March 31, 2010, stood at Dh85 billion compared to Dh84.3 billion at the end of 2009. Customer deposits stood at Dh64.7 billion compared to Dh64.2 billion as of December 31, 2009.
DIB’s financial performance during the first three months of this year was impacted by the bank’s ongoing policy of prudent provisioning, as well as lower contribution levels from group companies during the period, the bank said in an emailed statement.
The Dubai-based bank reported a healthy financing-to-deposit ratio of 79 per cent as of March 31, 2010, providing a clear indication of the bank’s healthy liquidity position. The bank also reported a robust Basel II capital adequacy ratio of 17.9 per cent, as of the same date.
“Thirty-five years after the bank was founded, DIB continues to provide innovative products and customised services that help sustain public and private-sector organisations, and facilitate personal growth opportunities for its more than 900,000 customers in the UAE alone,” said Mohammed Ibrahim Al Shaibani, Director General of The Ruler’s Court of Dubai and Chairman of DIB.
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