Dubai Islamic Bank record increasing profits

by Richard Kilner

Story link: Dubai Islamic Bank record increasing profits

Dubai Islamic Bank (DIB) has announced it results for the first six months of 2009, during which time it has displayed its capacity to remain in the black despite a challenging global banking environment.

In Q2 profits rose by 22% to hit AED 450m, which stood at AED 370m in the first quarter of the year.

To help bolster the bank against the well-documented instability in the financial sector DIB has set aside AED 239m this year in impairment provisions.

Total assets during the six months rose by 3% to AED 87.8bn, with customer deposits rising by 8% to AED 71.5bn.

DIB’s chairman, His Excellency Mohammed Ibrahim Al Shaibani, has expressed the bank’s optimistic view of a prospective recovery in the region.

The firm has flourished and expanded, and earlier this month Jordan Dubai Islamic Bank received a banking licence permitting it to operate in Jordan as an Islamic banking institution.

Last year the United Arab Emirates saw DIB expand its network of branches, including a number of additional ladies’ branches.