Profits lift off at Dubai Islamic Bank

Dubai Islamic Bank, the first Shariah complaint bank in the UAE, has registered a rise of 10% in its first-half net profit. The bank's profits rose to Dh552 million due to a sharp increase in customer deposits that stand at Dh77.6 billion as of June 30, reflecting a 22 per cent increase from December 31. The total assets of the bank rose 14 per cent to Dh102.9 billion during the interim. “During a period of renewed growth, Dubai Islamic Bank has continued to perform impressively. The bank’s commitment to prudently manage its core operations, through effective cost controls and risk management, has delivered a strong set of results in the second quarter of the year,” Mohammed Ibrahim Al Shaibani, DIB’s chairman and director-general of The Ruler’s Court of Dubai, told local media. DIB's total revenue in the first half of 2011 was Dh1.8 billion in contrast to Dh1.5 billion in the same period of 2010, an increase of 20 per cent. In the second quarter of 2011, the bank’s total revenue grew by 13 per cent compared with the same period in 2010. "From a position of strength, DIB remains committed to playing a central role in the continued economic growth and diversification of the UAE and wider region," Al Shaibani added.