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DIB Net Profit Falls 33pc on Provisions
DUBAI — Dubai Islamic Bank, the UAE’s biggest Shariah-compliant bank, declared a 33 per cent fall in first-quarter net profit after provisions for bad loans.
Net profit for the first quarter of 2009 fell to Dh370 million from Dh551.3 million a year earlier after Dh104 million in provisions, the Dubai-based bank
said on Tuesday.
“The first three months of this year were challenging for the global financial services industry, but we are now cautiously optimistic that the worldwide economy will soon begin its gradual recovery,” said Mohammed Ibrahim AlShaibani, chairman of the bank.
The other day, the bank announced that it would raise capital by Dh3 billion as the bank got shareholders’ approval during an extra-ordinary general meeting.
“While our approach remains conservative, our outlook for the future is firmly optimistic; we will continue to provide innovative products and services that contribute to individual achievement and the shared prosperity of the nation as a whole.”
Total assets jumped 12 per cent from December end to Dh85 billion and deposits 15 per cent to Dh76.6 billion. The bank’s loan-to-deposit ratio reached 67 per cent at the end of the quarter.
Dubai Islamic Bank projects that the expansion of its retail banking business, including 10 new branch openings in the UAE this year, will contribute to its projected annual balance sheet growth and will account for approximately 47 per cent of the bank’s revenue for 2009.
By the end of this year, DIB forecasts that its customer base will increase by approximately 15 per cent, reaching some 900,000 customers. The bank’s retail assets business is expected to grow by approximately 20 per cent. The bank plans to focus on traditional bricks-and-mortar branches and to enhance its network through Al Islami Express Banking Centres.
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