Oct 29 2011 |
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DIB announces AED 850 million in net profit
Dubai, October 29, 2011: Dubai Islamic Bank ( DIB ) announced today its financial results for the three months ending September 30, 2011, demonstrating the continued success of the bank's strategy to deliver long-term, sustainable growth.For the first nine months of 2011, DIB reported a net profit of AED 850 million, up 10.3 per cent compared to the same period of 2010. For the third quarter of 2011, the bank reported a net profit of AED 298 million, an increase of 10.5 per cent over the figure of AED 270 million for the same period of 2010. Total income during this quarter reached AED 1.2 billion compared to AED 1.1 billion in the third quarter of 2010, an increase of 7.6 per cent.
The bank's total assets as of September 30, 2011, stood at AED 93.5 billion compared to AED 90.1 billion on December 31, 2010. Customer deposits stood at AED 68.6 billion compared to AED 63.4 billion as of December 31, 2010, as the bank's customer base continued to expand.
" Dubai Islamic Bank has once again demonstrated the strength of its underlying business operationsby reporting continued core revenue growth," said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank . " DIB remains focused on delivering sustainable growth through prudent management of costs and a strategy of targeting quality business. With a stable, well-diversified funding base in place, the bank will continue to play a key role in the UAE economy."
DIB
also further strengthened its partnership with Dubai eGovernment in the third quarter of 2011 by enabling customers to use Al Islami Online Banking to quickly and securely make payments for more than 20 government entities.
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© Press Release 2011
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