Dubai Islamic Bank (DIB) announced its financial results for the 12 months ending December 31, 2008, demonstrating continued strong growth in its core operations despite extremely challenging global financial conditions. DIB reported AED 1.73 billion in net profit for 2008.
These results were announced following a meeting of the Board of Directors of Dubai Islamic Bank, which has proposed a cash dividend of 25 percent and bonus share of five percent for the year 2008. DIB's total assets as of December 31, 2008, stood at AED 84.6 billion, up slightly compared to AED 83.7 billion at the end of the same period in 2007.
Financing activity registered strong growth during the period, with total financing assets reaching AED 52.7 billion in 2008 compared to AED 40.4 billion in 2007, an increase of 30 percent. Customer deposits increased two percent to reach AED 66.4 billion in the 12 months ending December 31, 2008, compared to AED 65 billion in 2007. The bank has also maintained an extremely strong financing-to-deposit ratio of 79 percent as of December 31, 2008, a clear indication of DIB's healthy liquidity position.-PR
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