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Dubai Bank Net Profit Jumps 7 Per Cent
DUBAI - Dubai Bank on Sunday declared 7 per cent jump in its annual net profit for 2008 at Dh226.1 million over 2007 in spite of the challenges posed by the global economy over the course of the year.
Among other key indicators of performance, the assets of the bank grew by 69 per cent to Dh18.5 billion, while deposits by 94 per cent from 2007 to Dh14.97 billion.
“The last year has been a difficult year for the global financial services industry, but we have remained firmly on our path of continued growth, achieving healthy profits and phenomenal increases across all our core operations,” said Fadel Al Ali, Chairman of Dubai Bank.
“Our success is a reflection of our commitment to excellence and our incessant efforts to bring to our customers the best in Shariah-compliant financial services. Our further commitment to innovation and service quality, coupled with strong risk management systems and a highly dedicated team of employees, are also at the heart of our success. We will continue to use and build on these strengths in the future.”
The retail arm of the bank continued to build on its performance of the past years with its Ijarah and Personal Finance portfolios growing by 164 per cent and 143 per cent respectively.
The Covered Card business demonstrated growth with a near doubling of its portfolio. Its success in 2008 was also acknowledged with the “Best Islamic Credit Card” award at the Islamic Banking Product Awards in Dubai.
“The challenges faced by the global market in 2008 also offered us a number of unique opportunities that we have managed to capitalise on effectively,” said Salaam Al Shaksy, Chief Executive Officer of Dubai Bank.
“The corporate customer base continued to expand, while our SME business saw robust growth and made a healthy contribution to the bottom line.”
“In line with our commitment to provide our customers with an unmatched level of service quality and achieve the highest standards of excellence, we augmented our distribution channels with a number of new branches and ATM machines across the UAE,” he added.
The CEO said that the focus on innovation and creativity was further highlighted when the bank became the first bank in the region to introduce Mobile Banking. In addition, the bank signed a number of strategic agreements to support expansion plans, with the aim of providing new banking outlets for existing and prospective customers.
“Dubai Bank is ready for the challenges of the year ahead. Our clarity of vision and focus on performance will allow us to capitalise on the opportunities that may emerge,” he concluded.
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