DUBAI — Dubai Bank yesterday said in a statement that it has "witnessed significant progress on all fronts" since it adopted ethical banking practices in accordance with Islamic laws.
It said there was a 237per cent increase in net profit to Dh81.2 million for the first-half of 2007 from Dh24.1 million for the same period last year, adding total operating income also rose 52 per cent to Dh177.7 million from Dh116.9 million for the same period. But it stressed that operating expenses covering the same period rose only 2.4 per cent to Dh90 million.
"Since our conversion to a Shariah compliant and ethical banking services, we have seen phenomenal growth in our business and in the level of satisfaction with our services among our customers," said Mohammed Al Shaibani, the bank's chairman. "We have introduced a number of innovative new products that cater to the needs of customers and the different market segments."
Dubai Bank said that its assets reached Dh9.8 billion as of end-June, a 210 per cent increase from Dh3.2 billion recorded in January to June 2006. Its capital, on the other hand, climbed three-fold to Dh1.5 billion during the first-half of this year.