DIB's Annual General Meeting approves shareholder dividends of 15 percent
The Annual General Meeting of Dubai Islamic Bank (DIB), held at the World Trade Centre in Dubai on Wednesday, March 10, saw the approval of a 15 percent dividend – a rise of five percent over the previous year.
Chairman of DIB Mohammad Khalfan Bin Kharbash, made particular reference to the strength of the growth of the bank's profits and assets in the last few years, as the total assets doubled from 11.7 billion Emirati dirhams ($318 million) in 2000 to Dh 22.8 billion in 2003. The bank's investment portfolio also rose from Dh 5.6 billion to Dh 12.6 billion during the same period while customer deposits rose from Dh 9.7 billion to Dh 19.88 billion. DIB's net profits rose from Dh 119 million in 2000 to Dh 234 million in 2003.
In 2003, assets rose by 16 percent from a total of Dh 19.6 billion in 2002 to Dh 22.77 billion in 2003. Customer deposits increased by 18 percent from Dh 17 billion to Dh 19.9 billion, for the same period. Shareholder equity rose to Dh 1.69 billion compared to Dh 1.574 billion in 2002. Returns on shareholder equity reached 19.7 percent and return on capital 23.5 percent.
Established on 1975, DIB is 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 the active assistance of the United Arab Emirates (UAE) Government, the Central Bank and the people of the UAE. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
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