DIB announces nine months net profit AED 1.02 billion, a 26% increase

DIB's net profit increased by 26% touching AED 1.02 billion at the end of 30th September 2006, compared to AED 809 million for the same period last year.

During the same period, the profit before distribution to depositors touched AED 2.2 billion, registering a growth of 50% when compared to AED 1.4 billion in the corresponding period of 2005.

DIB's total assets grew by a record 59% to AED 53.3 billion at the end of 30th September 2006, as compared to AED 33.4 billion in the corresponding period of 2005. The Financing and Investing activity achieved a significant increase of 64% to reach AED 31.9 billion, compared to AED 19.5 billion in the corresponding period of 2005.

Customer deposits also showed strong growth of 49% to reach AED 41.3 billion in the nine months ended 30th September 2006 as compared to AED 27.7 billion in the corresponding period of 2005.

Dr. Mohamed Khalfan bin Kharbash, UAE Minister of State for Finance and Industry and Chairman of DIB, said:

"The Bank's impressive performance during the first nine months of this year is a manifestation of our strategy to diversify our products and services to meet the demands of the financial sector in the UAE. The results show a substantial rise in all the financial indicators of the bank and reflect the sustainable growth and success that DIB has achieved for the past few years. It is our endeavor to continue to roll out new products, strengthen our quality of services, and provide specialized financial solutions to corporates through strategic alliances & partnerships. I'm truly delighted to present yet another sterling performance by DIB."

"DIB continues to consolidate its leadership position in the banking and finance sector by lead managing and arranging a series of landmark deals in various economic and business sectors. No wonder then, according to a recent Bloomberg 'Underwriter Rankings' report, DIB was rated as the world's number one Sukuk underwriter. It is due to DIB's significant ability to successfully structure complex large ticket deals that the bank received accolades from Euromoney as well," he added.

DIB today stands well positioned to take advantage of the remarkable business and growth opportunities within the UAE and the region. "DIB's international expansion plans are also aligned to take advantage of our inherent strength as a premier Islamic financial institution. The recent 'A' long-term and 'A1' short-term counter-party credit rating by Standard & Poor's Rating Services to DIB bodes extremely well for our international plans," he noted.

"We are on target to expand our branch network in the region and overseas to cross the 120 mark by the first quarter of 2008. Our aim is to have the largest network of branches when compared to all UAE based banks," he added.

"The unprecedented success and growth achieved by DIB has emanated from a variety of innovative Shari'a compliant products. Retail Banking has been instrumental in diversifying its product base with new products and services, Corporate Banking, Real Estate and Contracting businesses have successfully capitalized on the opportunities available in the market place. Investment Banking has shown tremendous ability to capture and convert some of the largest deals in the country and region. Finally, the Bank has effectively and profitably launched many new companies and subsidiaries covering a diverse range of businesses including real estate, financing arms, investment banking, brokerage, capital markets and advisory and corporate finance," he concluded.