Saturday, Oct 29, 2011
BEIRUT (Zawya Dow Jones)--Dubai Islamic Bank, or DIB, the U.A.E.'s largest shariah-compliant lender, Saturday said third-quarter net profit rose 10.5% to 298 million U.A.E. dirhams ($81.13 million) from AED270 million a year earlier on sustained core revenue growth.
Net profit for the first nine months grew 10.3% to AED850 million compared with the year earlier period, according to an emailed statement.
"DIB continued to strengthen its balance sheet with additional provisions for impairment of AED216.8 million identified during the third quarter of 2011, taking the overall provisions for impairment for the nine-month period to AED718.2 million," the bank said.
Total assets stood at AED93.5 billion at the end of September, up 3.7% from AED90.1 billion at the end of 2010, DIB said in the statement. Customer deposits grew 8.2% to AED68.6 billion at the end of September from AED63.4 billion a nine months earlier "as the bank's customer base continued to expand," it added.
DIB, whose major institutional shareholder is state-run Investment Corp. of Dubai, is the world's first fully-fledged Islamic bank. It currently operates 70 branches in the United Arab Emirates and has subsidiaries and affiliates across the world.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
29-10-11 1025GMT
