Dubai Islamic Bank records 28% net profit growth in first quarter


Dubai: Dubai Islamic Bank (DIB) recorded a 28 per cent growth in net profits to Dh424 million for the first quarter of 2007, compared to Dh332 million for the corresponding period in 2006, an e-mailed statement said.
Total income rose to Dh1.23 billion, an increase of 38 per cent compared Dh894 million for the corresponding period in 2006.
Customer deposits showed strong growth of 46 per cent to Dh51.6 billion at the end of the first quarter of 2007, compared to Dh35.3 billion in the first quarter of 2006.
The bank's total assets increased by 55 per cent to Dh68.8 billion, compared to Dh44.5 billion in the first quarter of 2006, and financing activities rose 42 per cent to Dh39.4 billion, compared to Dh27.8 billion in the same period of 2006, with both figures excluding IPO-related financing.
Dr Mohammad Khalfan Bin Kharbash, UAE Minister of State for Financial and Industrial Affairs and Chairman of DIB, said: "After having successfully lead-managed high-profile sukuk for others in the region, DIB successfully completed the issuance of its own inaugural $750 million sukuk, which was listed on DIFX and London Stock Exchange.
This sukuk exprienced significant interest across the globe with 45 per cent placed with investors in the Middle East, 30 per cent in Europe and the balance in Asia.

Dubai Islamic Bank, established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB is a public joint stock company and its share is quoted on the Dubai Financial Market.



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