Friday, Feb 03, 2012

Gulf News

Dubai Dubai Islamic Bank (DIB) yesterday reported a 25 per cent increase in net profits to Dh1.01 billion in 2011, up from Dh806 million in 2010.

For the 12 months ending December 31, DIB earned an operating profit of Dh1.03 billion.

DIB’s net profit for 2010 has been adjusted due to the restatement of the results of an associate company, the bank said in a statement.

DIB’s total assets grew to Dh90.59 billion compared to Dh89.8 billion in 2010 as customer deposits increased 2.1 per cent to Dh64.77 billion.

The bank’s core business grew in 2011, with income from financing and investing assets and investment sukuks reaching Dh3.96 billion, a year-on-year increase of 10.2 per cent.

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

“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,” said Mohammad Ebrahim Al Shaibani, Director-General of the Dubai Ruler’s Court and Chairman of Dubai Islamic Bank.

In 2011, the bank continued with its ambitious plans to expand its presence across the UAE, opening seven new branches, including the bank’s first stand-alone Al Islami Private Banking branch.

Alternative banking

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 Abdullah Al Hameli, Chief Executive Officer.

“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.”

Balance sheet

Healthy growth

Dh90.59b

DIB’s total assets at the end of 2011

2.1%

increase in customer deposits last year

Dh1.03b

operating profit at the end of last year

By Babu Das Augustine?Deputy Business Editor

Gulf News 2012. All rights reserved.