DIB reports 22 per cent asset growth H1 2003 and 14 per cent increase in net profit

Net profit (including depositors' profits) rose to AED 325 million ($88.48 million), a 14 per cent increase compared to the equivalent period last year when it stood at AED 285 million ($77.60 million).

Customer deposits saw strong growth of 23 per cent, up from AED 15.8 billion ($4.30 billion) in the first half 2002 to AED 19.9 billion ($5.41 billion) for the same period this year. The bank's investment and financing portfolio increased by 22 per cent over the same period from AED 16.2 billion ($4.41 billion) to AED19.9 billion ($5.41 billion).

"The bank's performance reflects a strategy of diversifying products and services in financing, investment and operations to reach wider cross-sections of individual and corporate customers," said DIB's Chairman, Dr Mohammed Khalfan bin Kharbash, UAE Minister of State for Finance and Industry.

"We have focused on developing flexible and innovative products that satisfy the growing demands of the market and reflect the latest developments in finance and technology. The high growth rate achieved is an indication of the bank's pioneering position and the level of trust that it has built in the banking and finance industry in the country."

Dr Kharbash noted: "The significant growth in our customer deposits clearly reflects the success in securing customer confidence and encourages the bank to consider expanding into regional markets. This will help strengthen its position in line with the increased level of competition that WTO membership brings."

The bank continued to expand its network within the UAE during the first six months of the year opening a new branch in Sharjah. It also has plans to open a further three new branches before the end of the year, including a ladies branch.

Dr. Kharbash also said that the bank is seeking to enter into strategic alliances with leading international institutions to add value and set international standards in the domestic banking sector. DIB has successfully attracted the best talent among UAE nationals with the level of Emiratisation now at 32 per cent across its operations and 100 per cent at the level of senior management.

To promote Islamic finance globally, DIB is working closely with the Bahrain-based General Council for Islamic Banks and Financial Institutions to support the Second International Islamic Finance Conference to be held in Dubai during the Annual Meetings of the World Bank and the International Monetary Fund. The conference will unite international financiers and provide an opportunity to explain the nature of Islamic finance and how it can provide effective solutions to modern economic issues.