Apr 30 2012
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Dubai Islamic Bank posts 11% increase in net profit
Monday, Apr 30, 2012
Dubai Dubai Islamic Bank ( DIB ) yesterday reported a net profit of Dh245 million for the first quarter of this year, an increase of 11 per cent compared to Dh222 million in the corresponding quarter of 2011.
The bank’s net profits were close to analysts’ estimates.
EFG Hermes had estimated it at Dh246 million. Total revenue was flat at Dh1.23 billion compared to Dh1.28 billion in the 2011 quarter.
“DIB’s strong start to the year is testament to the bank’s proven business model, robust liquidity position and stable funding base,” Mohammad Ebrahim Al Shaibani, director-general of the Dubai Ruler’s Court and chairman of Dubai Islamic Bank , said in a statement.
The bank maintained a strong liquidity position with a financing-to-deposit ratio of 77 per cent.
While the bank set aside Dh299 million in provisions, it reported a capital adequacy ratio of 18.2 per cent.
DIB repaid in full a $750 million (2.75 billion) five-year sukuk, which matured on March 22 from its own sources.
“The recent repayment in full of a $750 million five-year sukuk further underlines the bank’s financial strength, and positions DIB to continue playing a full and active role in the on-going economic development of the UAE,” Al Shaibani said.
The quarter also saw the launch of Al Islami Business Online, a portal enabling companies to access over 75 services.
“Our continued investment in both bricks and mortar and alternative distribution channels has served to further reinforce DIB’s status as the UAE’s leading Islamic bank,” said Abdullah Al Hameli, chief executive officer of the DIB .
By Babu Das Augustine ?Deputy Business Editor
© Gulf News 2012. All rights reserved.
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