Business | Banking
Dubai Bank profit soars to Dh211m
Dubai Bank reported a Dh211 million profit in 2007, up 102 per cent over that of 2006.
- Staff Report
- Published: 00:35 February 19, 2008
Dubai: Dubai Bank reported a Dh211 million profit in 2007, up 102 per cent over that of 2006.
Since its conversion into an Islamic bank on January 1, 2007, the bank's total assets grew 98 per cent from Dh5.5 billion in 2006 to Dh10.9 billion last year.
Shareholder equity increased 219 per cent from Dh639 million to Dh2.04 billion.
Dubai Bank last year trip-led its capital from Dh500 million to Dh1.5 billion.
The bank's combined portfolio of corporate and retail assets grew by 328 per cent from Dh1.2 billion in 2006 to Dh7.7 billion in 2007. The total deposits portfolio grew 73 per cent from Dh4.5 billion to Dh7.8 billion.
"The bank has witnessed significant progress on all fronts and across various business initiatives within retail, corporate and investment banking.
Continuous and sustained achievements have not only resulted in strengthened support from the shareholders but also increased the confidence of our valued customers," said Mohammad Al Shaibani, Dubai Bank's Chairman.
The bank expanded its branch network from five in 2006 to 15 by the end of last year.
"Since our conversion to a Sharia-compliant bank, we have witnessed phenomenal growth in our business and in the level of customer satisfaction," said Abdul Aziz Al Muhairi, Dubai Bank's CEO and executive member of the board of directors.
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