Dubai Islamic Bank profit rises 25pc in 2003

DUBAI - Dubai Islamic Bank announced a 25 per cent rise in net profit (including depositors profits) for the year ending December 31, 2003 at Dh751 million compared to Dh601 million for the year 2002. Assets also rose by 16 per cent from a Dh19.6 billion in 2002 to Dh22.77 billion last year

By A Staff Reporter

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Published: Fri 27 Feb 2004, 9:56 PM

Last updated: Wed 1 Apr 2015, 11:56 PM

The announcement followed a meeting of the board of directors of the bank during which the results were reviewed and approved for submission to the shareholders at the AGM to be held on 10 March 2004. The board has recommended a dividend of 15 per cent to be distributed. The bank's Chairman Dr Mohammad Khalfan bin Kharbash, UAE Minister of State for Finance and Industry, said: "DIB's performance reflects the success of its growth strategy which aims to develop financing and investment activities and further enhance distribution channels." DIB's total revenue rose to Dh1.025 billion at the end of 2003 compared to Dh882 million the previous year. Customer deposits increased by 17 per cent from Dh17 billion to Dh19.9 billion, for the same period. The bank's financing and investment portfolio also reported significant growth of 24 per cent rising to Dh12.5 billion compared to Dh10.1 billion in 2002.

Dr Mohammad Khalfan bin Kharbash, continued: "Today, we enjoy a wide network of branches and ATMs across the UAE in addition to a state-of-the-art call centre. DIB also offers electronic banking services and 24/7 self-service centers that bring convenience to a wider cross-section of clients."

He said that growth in the bank's financing and investment portfolio is a strong indication of its ability to develop new channels and effectively manage the growth in deposits.

He said: "We have focused on developing flexible and innovative products in new economic and commercial sectors inside and outside the UAE. This called for the creation of new strategic alliances and partnerships with leading local and global financial establishments." Dr Kharbash said that such strategic alliances serve to consolidate the bank's pool of knowledge and expertise and add value to the services it provides. "Working with a diversified range of partners has allowed us to develop a better quality service offering for our customers that complies with international standards of best practice," he added.

Dr Kharbash noted that in corporate finance, DIB participated in a range of innovative projects both locally and regionally.

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