DIB announces nine month net profit of Dhs1.9bn, up 86%

For the nine months ending September 30, 2007, DIB's net profit reached Dhs1.9bn, an increase of 86% compared to Dhs1.02bn for the same period last year.

During the same period, the profit before distribution to depositors touched Dhs3.9bn, registering growth of 77% compared to Dhs2.2bn in the corresponding period of 2006.

DIB's total assets grew by a record 39% to Dhs74.1bn as at September 30, 2007, compared to Dhs53.3bn as at September 30, 2006. Financing and investing activity achieved a significant increase of 51% to reach Dhs48.3bn, compared to Dhs31.9bn in the corresponding period of 2006.

Customer deposits showed strong growth of 39% to reach Dhs57.5bn in the nine months ended September 30, 2007, compared to Dhs41.3bn in the corresponding period of 2006.

Dr. Mohamed Khalfan bin Kharbash, UAE Minister of State for Finance and Industry and Chairman of DIB, said:

'The bank's strong performance during the first nine months of this year is a manifestation of our strategy to diversify our products and services to meet the demands of the financial sector in the UAE. These results show a substantial rise in all the financial indicators of the bank and reflect the sustainable growth and success that DIB has achieved for the past several years. It is our endeavor to continue to introduce new products, strengthen our quality of services, and provide specialised financial solutions for individuals and companies through strategic alliances and partnerships.'

He noted: 'The bank continues to aggressively expand its branch network in the UAE, which currently includes 43 branches across the country. DIB will also double its ATM banking network within the UAE, which now stands at 280 ATMs. This move reflects DIB's strategy to invest in technology and continuously upgrade its IT infrastructure to provide a more convenient, secure transaction environment to our customers.'

In recognition of its leading role in the local and international arenas, DIB received a number of awards in 2007, including the Best Product Innovation Award for work on Sukuk at the Banker Middle East Awards. The bank also received the 'Bank of the Year - UAE' award for 2006 by 'The Banker' magazine, Middle East e-Banking Award 2007, and the UAE's Best Investment Management Bank by Liquid Real Estate, a part of Euromoney magazine.

During the third quarter, the bank launched various products and services targeting different segments of customers in a variety of sectors, including retail, wealth management, real estate finance and others. In the real estate finance area, DIB launched Al Islami Escrow Account, the first escrow 'Trust' account service in the region designed specifically for real estate developers. The bank also launched its new Al Islami Home Refinance product that allows residents and UAE nationals to benefit from Sharia-compliant financial solutions.