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Dubai Islamic Bank earnings soar
Islamic Bank (DIB) yesterday reported a 47 per cent jump in its net profit to Dh1.56 billion last year, compared to Dh1.06 billion in 2005, the company said.
- Staff Report
- Published: 00:00 January 22, 2007
- Dubai Islamic Bank has expanded in the UAE and globally and has strengthened its position as a leader in banking and financing activities, said Dr Bin Kharbash.
- Image Credit: Gulf News archive
Dubai: Dubai Islamic Bank (DIB) yesterday reported a 47 per cent jump in its net profit to Dh1.56 billion last year, compared to Dh1.06 billion in 2005, the company said.
The results were announced following a meeting of the board of directors yesterday. The board proposed a share bonus of seven per cent and a cash dividend of 35 per cent.
The profit for 2006, including depositors' profits, stood at Dh3.3 billion, an increase of 65 per cent compared to Dh2 billion for the year ended December 31, 2005. Assets in 2006 were Dh64.5 billion, an increase of 50 per cent over the Dh43 billion of 2005.
Financing and investment operations also delivered strong growth, with total investment and fin-ancing assets including investments in sukuks rising to Dh38.8 billion, an increase of 28 per cent over the previous year.
Customer deposits also showed strong growth of 43 per cent over the previous year, rising to Dh47.7 billion.
Dr Mohammad Khalfan Bin Kharbash, Minister of State for Financial and Industrial Affairs and chairman of DIB, said, "2006 was a landmark year in Dubai Islamic Bank's history with immense contributions from all employees. DIB signals another year of excellence as it aggressively moves forward in the local, regional and international arenas. The bank has expanded in the UAE and internationally, and has further strengthened its position as a leader in banking and financing activities."
For the fourth quarter of 2006 the bank reported net profit of Dh540 million, a rise of 114 per cent compared to Dh252 million for the corresponding period in 2005.
The volume of Islamic bonds raised by DIB rose to Dh55 billion ($15 billion).
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