DIB reports 15 percent net profit growth for Q1 2003
The Dubai Islamic Bank (DIB) reported a 15 percent rise in profits and a 27 percent increase in assets for the first quarter of 2003. Net profits rose to 149 million Emirati dirhams ($40.5 million) from Dh 130 million in the first quarter of 2002, while total assets at the bank grew to Dh 20.6 billion compared to Dh 16.3 billion for the same period last year.
The bank also reported an impressive 27 percent rise in total deposits from Dh 14.5 billion in the first quarter of 2002 to Dh 18.4 billion in the first quarter of 2003. Financing and investment grew from Dh 10.1 billion to Dh 12.1 billion during the same period while total income for the period rose 12 percent to Dh 209 million from Dh 187 million for the same period last year.
Established on 1975, DIBis considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. It was founded with active assistance of the United Arab Emirates (UAE) Government, the Central Bank and people of the UAE. — (menareport.com)
© 2003 Mena Report (www.menareport.com)