DIB reports 15 per cent growth in profit and 27 per cent rise in assets for Q1 2003

Net profits (including depositors' share) rose to AED149 million from AED130 million in Q1 2002, while total assets at the bank grew to AED20.6 billion compared to AED16.3 billion for the same period last year.

The bank also reported an impressive 27 per cent rise in total deposits from AED14.5 billion in Q1 2002 to AED 18.4 billion in Q1 2003. Financing and investment grew from AED10.1 billion in Q1 2002 to AED12.1 billion in Q1 2003 while total income for the period rose 12 per cent to AED209 million from AED187 million for the same period last year.

"This solid performance reflects that bank's continued success in bringing new finance and investment products and the continued growth in consumer confidence," said His Excellency Dr Mohammed Khalfan bin Kharbash, DIB Chairman and UAE Minister of State for Finance and Industry. "Dubai Islamic Bank now has the highest deposit level among all UAE banks," he said, noting that this clearly reflects the strengthening of the bank's position in the domestic market.

"DIB plans to build on this growth and is set to expand its branch network through the opening of four new branches by the end of the year, one of which will be an exclusive Ladies Branch," Dr Kharbash said. He also explained that the bank is undertaking an aggressive launch plan for innovative products and services such as the Ijara services leasing finance. This was introduced earlier this month and provides the first Islamic finance for education, medical and holiday services.

Dr Kharbash said, "In order to meet increasing demand for Islamic investment products that generate solid income while protecting against market risk, DIB will be launching new Islamic investment funds - well diversified in terms of assets and geography -before the end of the year."

The banking and financial products and services that DIB offers include specialised consultation and advice on financial planning, a choice of banking accounts - term deposit accounts, savings accounts and current accounts - and a range of finance and foreign exchange services. The bank offers its customers Internet banking services and SMS Banking service through 'Al Islami Mobile'.

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