DIB net profit up by 50%
Dubai Islamic Bank (DIB) announced today its financial results for the three months ending June 30, 2010. For the second quarter of 2010, DIB reported a net profit of AED 301 million, an increase of 50 per cent compared to AED 201 million in the first quarter of this year. Total income during this quarter increased to AED 1,108 million compared to AED 1,079 million in the first quarter of 2010.
The bank's total assets as of June 30, 2010, stood at AED 83.8 billion compared to AED 84.3 billion at December 31, 2010. Customer deposits stood at AED 64.8 billion compared to AED 64.2 billion as of December 31, 2009.
DIB reported a financing-to-deposit ratio of 77 per cent as of June 30, 2010. The bank also reported a robust Basel II capital adequacy ratio of 18.5 per cent as of the same date. Continuing its conservative approach, the bank provisioned AED 145 million in the second quarter of 2010, with total provisioning of AED 320 million in the first six months of this year.
"Dubai Islamic Bank is very pleased to share its positive financial results for the second quarter of this year, which show clearly that the bank remains on a growth trajectory during a period of ongoing challenges for the financial services sector worldwide," said Mohammed Ibrahim Al Shaibani, Director-General of The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank.
"Despite conservative financing and provisioning policy, the retail and corporate banking division has registered positive growth, reflecting the strength and robustness of our business strategy during the current economic scenario."
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