Dubai Islamic Bank announces first quarter 2010 net profit of AED 200 million
Dubai Islamic Bank (DIB) announced today its financial results for the three months ending March 31, 2010, reporting a net profit of AED 200 million compared to AED 370.3 million in the first quarter of 2009.
DIB’s financial performance during the first three months of this year was impacted by the bank’s ongoing policy of prudent provisioning, as well as lower contribution levels from group companies during the period.
The bank’s total assets as of March 31, 2010, stood at AED 85 billion compared to AED 84.3 billion at the end of 2009. Customer deposits stood at AED 64.7 billion compared to AED 64.2 billion as of December 31, 2009.
DIB reported a healthy financing-to-deposit ratio of 79 per cent as of March 31, 2010, providing a clear indication of the bank’s healthy liquidity position. The bank also reported a robust Basel II capital adequacy ratio of 17.9 per cent, as of the same date.
“As we enter a phase of both continued challenges but also increased global and regional economic stability, Dubai Islamic Bank remains focused on meeting the needs of its clients in the UAE and overseas,” said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.
“Thirty-five years after the bank was founded, DIB continues to provide innovative products and customised services that help sustain public and private-sector organisations, and facilitate personal growth opportunities for its more than 900,000 customers in the UAE alone.”
In line with its long-term domestic retail expansion strategy, Dubai Islamic Bank continues to focus on the opening of strategically located branches and express banking centres, while also increasing its total customer base.
The world’s first Islamic bank remains widely recognised for its operational excellence and unique product portfolio. Most recently, DIB was named the “Best Islamic Bank” in the UAE for 2010 by Global Finance magazine. Marking the third consecutive year that DIB has received this international award, this latest accolade underscores the bank’s leadership position in the UAE’s growing Islamic finance sector.
Earlier this year, DIB was named “Best Islamic Bank in the UAE” by Asiamoney, “Best Islamic Bank in the UAE” for the fifth consecutive year by Islamic Finance News, as well as “Best Investment Bank” by emeafinance.