DIB announces record Q1 results

Customer deposits also witnessed strong growth of 23 per cent achieving an increase of AED4.3 billion - from AED18.4 billion in the first quarter of 2003 to AED22.6 billion in the first quarter of this year. The bank's investment and financing activities also reported significant growth of 26 per cent rising to AED13.2 billion from AED10.5 billion for the same period of last year.

Commenting on the results, Dr Mohammad Khalfan bin Kharbash, UAE Minister of State for Finance and Industry, and Chairman of Dubai Islamic Bank, said: "The bank's performance reflects the success of our strategy to diversify the product and services range to meet growing sophistication of customer demand. The significant growth in customer deposits, which is one of the highest in the market, clearly reflects consumer confidence in the bank and its ability to deliver rewarding returns on their deposits. Also the bank will launch in 2004 a number of investment funds and schemes that fulfills a wide range of the customer's financial needs".

One of DIB's achievements in the first quarter of 2004 was the launch of private banking services, designed specifically to meet the special and varied needs of the bank's growing client base, affording them convenient and personalized services to meet their specific lifestyle needs.

DIB is planning to increase its branch network and channels of distribution for its products and services by opening five new branches by the end of 2004 in addition to adding more self-service branches working on 24/7 basis.

In the first quarter of 2004, Dubai Islamic Bank also received top recognition for its excellence and leading position in Islamic banking and finance. DIB won the Award for Innovation in Islamic Finance in the GCC from Banker Middle East GCC Awards 2004. The bank also won two awards from Euromoney Institutional Investors, for best Overall Islamic Retail Bank and Best Islamic Bank for Women

Dr. Kharbash concluded: "As a results of the bank's policy to attract talented UAE nationals, it has succeeded to bring the level of Emiratisation to 35 per cent of its total work force which is considered to be the highest in the UAE in the category of large banks."