Dubai Bank posts Dhs131m net profit in first quarter 2008

Operating income was up 250% to Dhs207.8m for the first three months of 2008 compared to Dhs73.8m for the comparable period in 2007, while operating expenses advanced by only 65% during the same period to reach Dhs67m. Assets increased by a 53% to reach Dhs14.4bn as of March 31, 2008 compared to Dhs9.4bn at the end of March 2007.

His Excellency Mr. Mohammed Al Shaibani, Dubai Bank's Chairman and Director General of His Highness the Ruler's Court in Dubai stated, 'While Dubai Bank has consistently excelled through superior performance in the last two years, the first quarter 2008 results have been overwhelming and far beyond all expectations.'

Mr. Al Shaibani attributed the Bank's phenomenal success as a new Shari'a compliant bank to the visionary leadership and continuous guidance of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and to the unconditional support of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid, Crown Prince of Dubai.

Mr. Abdulaziz Al Muhairi, Dubai Bank's CEO and Executive Member of Board of Directors said that, 'Since our conversion to an ethical and Shari'a compliant bank, we are heartened to have witnessed a tremendous response in the market in a remarkably short span of time. This positive performance is a testimony to the unprecedented degree of acceptance and level of confidence that our customers have vested in Dubai Bank.'

Throughout 2007, Dubai Bank launched a number of innovative and value-packed products and services that resulted in retaining and attracting both retail and corporate customers. The bank also enhanced its electronic delivery channels by launching SMS Banking and Internet Banking services, while expanding its branch network exponentially.

Mr. Muhairi added, 'The bank's growth and performance so far has been in line with our overall 3 year strategy. Having achieved the first leg of the strategy through the successful implementation of the Conversion Programme in a record-breaking six months, we continued the delightful run by exceeding all expectations in 2007 through our financial performance. Over the next year or so we will continue this journey through the execution of a Transformation Program that will entail enhancing our systems and processes allowing us to serve our customers better while we aspire to be the service provider of choice.'

The bank has recently won multiple awards, recently being named 'Best Islamic Bank in the Middle East' and 'Best Islamic Product Provider' by World Finance based in London.

With Dubai Bank's position growing from strength to strength within the region in short period of time, the bank has also been successful in growing its business portfolios without compromising its asset quality. This was also confirmed by Fitch Ratings when it recently assigned Dubai Bank a Long-term Issuer Default rating 'A' with a Stable Outlook.