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DIB first quarter profits up 15pc

DUBAI - Dubai Islamic Bank (DIB) reported a 15 per cent rise in profits and a 27 per cent increase in assets for the first quarter, this year. Net profits (including depositors' share) rose to Dh149 million from Dh130 million last year, while total assets at the bank grew to Dh20.6 billion compared to Dh16.3 billion for the same period last year.

The bank also reported 27 per cent rise in total deposits from Dh14.5 billion in the first quarter last year to Dh18.4 billion during the same period this year. Financing and investment grew from Dh10.1 billion in Q1last year to Dh12.1 billion this year while total income for the period rose 12 per cent to Dh209 million from Dh187 million for the same period last year.

Dr Mohammed Khalfan bin Kharbash, UAE Minister of State for Finance and Industry and DIB Chairman said: "This solid performance reflects that bank's continued success in bringing new finance and investment products and the continued growth in consumer confidence. The Bank now has the highest deposit level among all UAE banks."

Speaking about the bank's expansion plans Dr Kharbash said DIB is set to expand its branch network through the opening of four new branches by the end of the year, one of which will be an exclusive Ladies Branch.

"The bank is undertaking an aggressive launch plan for innovative products and services such as the Ijara services leasing finance. This was introduced earlier this month and provides the first Islamic finance for education, medical and holiday services," he added.

To meet the growing demand for Islamic investment products, DIB also has plans to launching new Islamic investment funds by the end of the year, he said.