Dubai Bank announces 15 fold increase in 1H earnings 2005

Operating income of the Bank during the first half of 2005 was AED 115 Million, including non-interest income of AED 64 Million, an increase of 237% year-on-year.

"Dubai Bank has witnessed remarkable growth over the last year. This is in line with our ongoing drive for expansion and continuing to ensure our product offering and service delivery remains well in advance of our competitors. During 2005, we continued to strengthen our commercial businesses, including Corporate & Institutional Banking, Treasury and Retail Banking, through delivering innovative value rich products and superior benefits to market. The Bank opened its first Branch in Sharjah during 2005 and plans to increase its branch network in Dubai and Abu Dhabi during the second half of the year" stated Ziad Makkawi, Dubai Bank CEO.

He continued, "A substantial part of the increase this year has come from our capital markets area which participated in the booming UAE economy. As an institution we are pursuing pockets of value where we can take advantage and we see many more opportunities especially in the area of Islamic banking".

Ziad Makkawi commented that Dubai Bank launched its investment banking division earlier this year, offering corporate finance and asset management services in order to further widen the scope and scale of its operations and increase the bank's momentum for the second half of the year, both within the region and internationally.

Launched in late 2002, Dubai Bank has significantly exceeded its initial plans to break even by 2006. The Bank had recorded profits of AED 4 Million for 2004 from a loss of AED 37 Million during 2003.