DIB reports 25 percent increase in net profits for 3Q 2003
Dubai Islamic Bank (DIB) announced a 25 percent increase in net profits for the third quarter of 2003, including depositors' profits, to 544 million Emirati dirhams ($148 million) compared to Dh 435 million at the end of September 2002.
The bank's assets during the same period rose to Dh 22.6 billion, a 22 percent increase compared to the equivalent period last year, when assets totaled Dh 18.5 billion. Customer deposits saw strong growth of 22 percent, up from Dh 16.3 billion at the end of September 2002 to Dh 19.9 billion for the same period this year.
The bank's investment portfolio rose by 34 percent in third quarter 2003, from Dh 2.3 billion to Dh 3.1 billion. The bank's financing portfolio grew by 15 percent during the same period, from Dh 7.2 billion to Dh 8.3 billion.
Established in 1975, DIB is one of the first banks in the world to have 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)