In the first quarter of 2008, the bank's net profit reached Dhs556m, an increase of 31 per cent compared to Dhs424m for the corresponding period in 2007.
At the end of the first three months of this year, the bank's total assets stood at Dhs85.1bn, up 24% compared to Dhs68.9bn at the end of first quarter of 2007. Financing and investment activities increased 29% in the first quarter of 2008, reaching Dhs43.2bn, up from Dhs 33.5bn in the same period of 2007. Customer deposits showed strong growth of 28%, reaching Dhs66.3bn in the first quarter of 2008, compared to Dhs51.6bn in the first quarter of 2007.
His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai, and Chairman of Dubai Islamic Bank, said: "As today's announcement demonstrates, DIB continues to consolidate its leadership position in the banking and financial services sectors. The bank also continues to introduce innovative products and services, while simultaneously diversifying its financing and investment portfolio."
"During the first quarter, the bank consolidated its role in the financing sector by providing financial solutions, products and services that helped government and semi-government organisations and private-sector firms to maximise their own growth potential. During the same period, for example, the bank financed new projects in the contracting sector worth Dhs12bn, demonstrating DIB's leading position in the vital real estate sector, which continues to witness significant growth."
"In the retail banking area, DIB continues to launch new investment products and services, including simultaneously introducing two innovative investment products linked to the fast-growing alternative energy sector in the first quarter of this year," he added. "These products will help customers diversify their investment portfolio, achieving rewarding returns. In the UAE, DIB opened four new branches in the first quarter alone, increasing our total domestic branch network to 48."
"In recognition of its leading role in the international arena, DIB has received many awards from international organisations in the first quarter of this year, such as the prestigious Best Islamic Bank in the UAE at the Islamic Finance News Awards; Best Islamic Bank and Best Call Centre from Ethos Consultancy; and Best Islamic Credit Card Product Award at the Banker Middle East Awards."
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Dubai Islamic Bank's first quarter net profit announced
- United Arab Emirates: Wednesday, April 30 - 2008 at 08:15
- PRESS RELEASE
Dubai Islamic Bank (DIB) announced its financial results for the first quarter of 2008, demonstrating superior performance during a period of sustained organic growth.
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Dubai Islamic Bank is a Sharia-compliant financial institution. As such, please refrain from using any of the following terms in reference to the bank and its activities:• Loan
• Lender / Lending / Lend
• Borrower / Borrowing / Borrow
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• Advance
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About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank reported Dhs2.5bn in net profit for the year ending December 31, 2007, rising by 60 per cent compared to Dhs1.56bn for 2006. The bank recorded total revenues of Dhs7bn for 2007, rising by 46% compared to Dhs4.8bn for 2006. Total assets in 2007 reached to Dhs84.3bn, an increase of 31% compared to Dhs64.4bn in 2006.
DIB set a world record by raising a $3.52bn sukuk for the Nakheel Group. This sukuk adopted a structure never used before in Islamic or conventional banking history. This Sukuk adopted a 1st of its kind structure never used before in Islamic or conventional banking history.
The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adopted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. DIB opened its first representative office in Turkey to enhance its access to that market. DIB has also acquired a stake in Al Khartoum Bank and a stake in Emirates and Sudan Bank (ESB). These steps mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has won the respect of its peers around the world. The bank was recently named by Islamic Finance News the UAE's Best Islamic Bank. DIB has also received many awards from international organizations, such as the prestigious "Bank of the Year - UAE" award from The Banker magazine and additional accolades from Euromoney.
For further information, please contact:
Nicholas Nesson / Ghaleb Zeidan
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, April 30 - 2008 at 08:15 UAE local time (GMT+4)
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