DIB profits surge 47pc to Dh1.3b

DUBAI - Dubai Islamic Bank (DIB) demonstrating consistently strong performance as its net profit surged 47 per cent to Dh1.303 billion in first half of 2008.

By (By a staff reporter)

Published: Mon 28 Jul 2008, 12:15 AM

Last updated: Sun 5 Apr 2015, 12:59 PM

In a Press statement yesterday, the bank said net profit excludes the gain on transfer of interest in a DIB Subsidiary. The bank's net-profit growth in the first half of this year highlights the strength of its core operations, business fundamentals and overall financial performance.

At the end of the first six months of this year, the bank's total assets stood at Dh91.4 billion, up 21 per cent compared to Dh75.5 billion in corresponding period last year. Financing and investment activities increased 34 per cent in the first half of 2008, reaching Dh60.8 billion, up from Dh45.3 billion in the same period of 2007. Customer deposits also showed strong growth of 22 per cent, reaching Dh72.8 billion in the first half of 2008, compared to Dh59.7 billion in same period of 2007.

Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank, said: "On behalf of Dubai Islamic Bank, I am very pleased to share the bank's financial results for the first half of this year, which reflect a consistent trend of strong growth that dates back to many previous years. This trend is characterised by underlying business fundamentals, as opposed to one-off benefits, and we have ambitious plans that will enable us to continue this growth throughout 2008 and in the years to come. Our strategy of diversifying revenues and operations has paid dividends, and we will continue to execute this strategy going forward."

DIB remains committed to playing a leadership role in the financing sector by providing financial solutions, products and services that help government and semi-government organisations and private-sector firms realise their long-term growth potential.

In the first half of this year alone, DIB's wholly-owned investment banking arm arranged sukuk and syndication transactions in excess of Dh20 billion. As a result, DIB rose to first place in the overall GCC Islamic Bond Tables, up from sixth place last year, according to Bloomberg Underwriter Rankings published in July 2008.

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