Dubai Islamic Bank first quarter net profit up 17%
Sharia-compliant bank said net profit jumped to 301.7 million
Dubai: Dubai Islamic Bank on Sunday reported a 17 per cent rise in first-quarter net profit, boosted by the emirate’s economic rebound and as the lender bolstered its capital.
The sharia-compliant bank said net profit jumped to Dh301.7 million ($82.1 million) from Dh258.5 million in the same period last year, according to its financial statements. The result beats the forecasts of EFG Hermes analysts who had estimated Dh261 million in first-quarter net profit.
“DIB’s performance in the first quarter of 2013 reflects the robust health of the UAE economy and the positive outlook for the country’s banking sector,” said Mohammad Ebrahim Al Shaibani, the bank’s chairman.
The bank’s customer deposits stood at Dh88.3 billion at the end of March, compared with Dh66.7 billion at the end of 2012.
DIB earlier this month said it repaid Dh3.75 billion ($1.02 billion) in government deposits to the UAE’s Ministry of Finance it received during the financial crisis in 2008 as part of a broader plan to shore up the country’s banking sector.
Earlier this year it raised $1 billion through an Islamic bond to strengthen its capital ratios, which in part allowed it to repay the support funds.
