Dubai Islamic Bank (DIB) announced a 22 percent increase in its assets at the end of June 2003 to 21.8 billion Emirati dirhams ($5.93 billion) compared to Dh 17.9 billion ($4.87 billion) at the end of June 2002.
Net profit, including depositors' profits, rose to Dh 325 million ($88.48 million), a 14 percent increase compared to the equivalent period last year when it stood at Dh 285 million ($77.60 million), stated a press release.
Customer deposits saw strong growth of 23 percent, up from Dh 15.8 billion ($4.30 billion) in the first half 2002 to Dh 19.9 billion ($5.41 billion) for the same period this year. The bank's investment and financing portfolio increased by 22 percent over the same period from Dh 16.2 billion ($4.41 billion) to Dh 19.9 billion ($5.41 billion).
The bank continued to expand its network within the UAE during the first six months of the year opening a new branch in Sharjah. It also has plans to open a further three new branches before the end of the year, including a ladies branch.
Established in 1975, DIB was the first Islamic bank to implement the principles of Islam in its daily activities. It was founded with the 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 )