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The bank's total assets as of March 31, 2009, stood at Dhs95bn, up 12% compared to Dhs85bn at the end of 2008. Customer deposits increased 15% to reach Dhs76.6bn in the three months ending March 31, 2009, compared to Dhs66.4bn as of December 31, 2008, reflecting the strong loyalty DIB enjoys amongst its customers.
The bank continues to show a strong financing-to-deposit ratio of 67% as of March 31, 2009, a clear indication of its healthy liquidity position.
His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, said:
"The first three months of this year were challenging for the global financial services industry, but we are now cautiously optimistic that the worldwide economy will soon begin its gradual recovery. Here in the UAE, the decisive actions taken by the Government beginning in the fall of last year have ensured that the impact of the global financial crisis is minimised, and that the worst is over and behind us, as stated recently by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai."
"The bank's improved liquidity position, as well as the continued strong performance of its core business during the first quarter, clearly demonstrates that our long-term diversification strategy remains appropriate," he added.
"While our approach remains conservative, our outlook for the future is firmly optimistic: we will continue to provide innovative products and services that contribute to individual achievement and the shared prosperity of the nation as a whole."
Dubai Islamic Bank projects that the expansion of its retail banking business, including 10 new branch openings in the UAE this year, will contribute significantly to its projected annual balance sheet growth and will account for approximately 47% of the bank's revenue for 2009.
By the end of this year, DIB forecasts that its customer base will increase by approximately 15%, reaching some 900,000 customers, while the bank's retail assets business will grow by approximately 20%. The bank plans to not only focus 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.
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Posted by Rima Ali Al Mashni
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