Dubai Islamic Bank (DIB) on Tuesday announced its results for the first half of 2007. During the period, net profit rose to AED 1.5 billion, an increase of 113 percent compared to AED 707 million for the corresponding period in 2006.
The total profit for HI 2007, including depositors' profits, stood at AED 2,9 billion, an increase of 101 percent compared to AED 1.4 billion for the corresponding period in 2006.
Customer deposits showed strong growth of 57 percent, reaching AED 59,7 billion at the end of H1 2007, compared to AED 38.1 billion by end of H1 2006. The bank's total assets increased by 51 percent to AED 75.5 billion, compared to AED 49.9 billion by the end of H1 2006. Financing activities increased 62 percent to AED 45.37 billion, compared to AED 27.95 billion in the same period of 2006. Profits for the first half of 2007 include exceptional profits amounting AED 617 million from a bank subsidiary.
Dr Mohammed Khalfan bin Khirbash, UAE Minister of State for Finance and Industry and Chairman of DIB, said "The, bank's impressive performance during the first half of this year reflects the success of our strategy to diversify our products and services to meet the growing demands of the market."
He added; "This success is due to the high growth of out' core banking services across all business units, such as retail corporate, real estate and investment banking, supported by an expansion plan in the local, regional and international markets."
He noted; "The bank consolidated its rote in the financing sector as It continued to provide financial solutions, products and services that helped large government organisations and semi-government entities as welt as private organisations benefit from such deals."
Recently, DIB was ranked among the fastest-moving banks in the world for the second consecutive year in the annual Top 1,000 World Bank list published by 'The Banker' magazine, part of the widely respected Financial Times Group. In this year's annual Top 1,000 Bank rankings, 016 was ranked 223rd in the world based on the bank's strong Tier 1 Capital.-PR
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