20 per cent dividend approved at Dubai Islamic Bank Annual General Meeting
Following the conclusion of its Annual General Meeting (AGM) today, Dubai Islamic Bank (DIB) announced that the assembly has approved the distribution of a 20 per cent dividend for the year 2009 including 15 per cent cash dividend and 5 per cent bonus shares.
During the AGM, the bank’s 2009 financial results were also approved. DIB’s net profit was AED1.2 billion for the 12 months ending December 31, 2009.
“With the effects of the global economic crisis still resonating, 2009 was undoubtedly a challenging year for almost every industry across the world,” said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank. “Increased provisioning requirements had an obvious impact on profitability during the year. However, this was a deliberate strategy to provide greater cushion during these challenging times and DIB will continue to follow the same strategy during 2010 in order to protect the interests of its customers as well as the shareholders.”
His Excellency also added: “Despite such circumstances, DIB has demonstrated its resilience in the face of challenging conditions, backed by our strong business model and commitment of our employees.”
Last year, Dubai Islamic Bank focused on the expansion of its domestic retail banking business, by opening 11 new branches and express centres in 2009 alone, contributing significantly to its annual balance sheet growth
As a result, DIB’s customer base increased by 15 per cent, reaching approximately 900,000 customers as of December 31, 2009. DIB continues to focus on the opening of both traditional bricks-and-mortar branches while also enhancing its network through Al Islami Express Banking Centres as well as state-of-the-art technological channels.
DIB continues to be recognised by its international peers for the excellence of its operations and innovative nature of its Sharia-compliant products and services. Most recently, the bank was named “Best Islamic Bank in the UAE” for the fifth consecutive year by Islamic Finance News Award. DIB was also presented with the award for “Corporate Social Responsibility” in the Middle East by emeafinance magazine.
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