DIB reports 25 per cent increase in net profit for Q3 2003

The bank's assets during the same period rose to AED 22.6 billion, a 22 per cent increase compared to the equivalent period last year, when assets totalled AED 18.5 billion .

Customer deposits saw strong growth of 22 per cent, up from AED 16.3 billion at the end of September 2002 to AED 19.9 billion for the same period this year. The bank's investment portfolio rose by 34 per cent over the same period, from AED 2.3 billion to AED 3.1 billion. The bank's financing portfolio grew by 15 per cent during the same period, from AED 7.2 billion to AED 8.3 billion.

"The bank's performance reflects its continued strength and adherence to a clearly defined strategy of underpinning growth through the development of financial and investment activities that can target a wider cross-section of individual and corporate clients," 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 in new economic and commercial sectors inside and outside the UAE. This called for the rapid development of new products and services and in particular the creation of new strategic alliances and partnerships with leading local and global financial establishments." Dr. Kharbash said that such strategic alliances serve to consolidate the bank's pool of knowledge and expertise and add value to the services provided by the bank. "Working with a diverisified range of partners has allowed us to develop a better quality service offering for our customers that complies with international standards of best practice," he said.

Dr Kharbash noted: "The significant growth in the bank's investment portfolio is a strong indication of its ability to develop new investment channels and effectively manage the rapid growth in deposits. It also reflects our commitment to our customers whom we consider to be our partners in all of our business transactions. The increase also supports the bank's drive to diversify its income and build its business in regional markets thereby maximizing opportunities for both our shareholders and depositors."

Dr Kharbash noted that in corporate finance, DIB participated in a range of innovative and productive projects both locally and regionally. "We have worked in a large number of sectors including trade, industry, electricity, transportation, real estate, and the airline industry. Through Ijara financing, DIB has worked on projects both locally and internationally including the financing of Emirates Airlines, Dubai Airport Free Trade Zone, Dubai Internet City, Dubai WTC and a power and water desalination project in Um El-Nar in Abu Dhabi."

The Chairman noted that the success of DIB in recent times reflects the bank's overall strategic goal of maintaining its leading position in the Islamic finance sector at the global level and said that numerous other initiatives in this respect will be forthcoming.

"The bank's success was achieved thanks to a combination of the loyalty of its customers and the commitment of its staff. We designed a number of initiatives and projects to increase the efficiency and productivity of the UAE nationals working at DIB such as training programs. As a result we have been able to attract the best UAE talent while at the same time increasing the level of Emiratisation at the bank which currently stands at around 33.5 per cent: one of the highest levels in the UAE," concluded Dr. Kharbash