Total assets stand at AED 90.59 billion

Customer deposits grow to AED 64.77 billion

Income from financing and investing assets and investment sukuks reaches AED 3.96 billion

Capital adequacy ratio of 18.2 per cent

Dubai, February 2, 2012: Dubai Islamic Bank (DIB) announced today its financial results for the year ending December 31, 2011, demonstrating sustained growth across the bank's core operations.  

For the 12 months ending December 31, 2011, DIB reported an operating profit of AED 1.03 billion. Net profit for 2011 increased to AED 1.01 billion, compared to a net profit before restatement of AED 806 million in 2010.  DIB's net profit for 2010 has been adjusted due to the restatement of the results of an associate company.

DIB's total assets as of December 31, 2011, stood at AED 90.59 billion compared to AED 89.8 billion at the end of the same period in 2010. The bank's customer base continued to expand in 2011, with customer deposits reaching AED 64.77 billion as of December 31, 2011, a year-on-year increase of 2.1 per cent.

The bank's core business grew in 2011, with income from financing and investing assets and investment sukuks reaching AED 3.96 billion, a year-on-year increase of 10.2 per cent.

As of December 31, 2011, DIB reported a robust Basel II capital adequacy ratio of 18.2 per cent, and a Tier I Capital ratio of 13.7 per cent.

"Dubai Islamic Bank continued to perform strongly in a year of continued global economic uncertainty," said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank. "These positive results show the bank's strong liquidity position and stable funding base. The bank's prudent focus on diversification and managed growth has ensured the interests of all stakeholders are safeguarded, and enabled DIB to make a meaningful contribution to the economic growth of the UAE."

In 2011, the bank continued with its ambitious plans to expand its physical presence across the UAE, opening seven new branches, including the bank's first stand-alone Al Islami Private Banking branch. DIB also expanded the alternative banking channels available to customers with the launch of its Express Banking Terminals, giving customers 24-hour access to a wide range of banking services usually only available in branch, online or through phone banking.

"Through our focus on innovation and expansion, DIB has reinforced its position as the UAE's leading Islamic bank," said Abdulla Al Hamli, Chief Executive Officer of DIB. "By continuing to successfully combine traditional Islamic values with the technology and innovation that characterise the best of modern banking, DIB is excellently placed to achieve sustained growth in the coming years."

-Ends-

About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 74 branches in the UAE.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of 64 branches across 26 major cities in Pakistan. DIB has also started operations in Jordan, with the establishment of Jordan Dubai Islamic Bank

DIB has earned the respect of its peers around the world for many years, and its leading position has been reaffirmed by the 79 local, regional and international accolades that it has won between 2008 and 2010. DIB has won awards across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. The bank's most recent awards include being named "Best Islamic Bank in UAE" for the fifth consecutive year by Islamic Finance News, "Best Islamic Bank" in the UAE for 2010 by NY-based Global Finance magazine, "Best Islamic Bank in the UAE" by Asiamoney magazine, and being named winner of the first-ever pan-Arab emeafinance award for corporate social responsibility.

For further information, please contact:
Liam Turner / Nicholas Nesson
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Fax: 971-4-4358040
E-mail: l.turner@asdaa.com / n.nesson@asdaa.com

© Press Release 2012