Dubai: Dubai Islamic Bank (DIB) yesterday reported a net profit of Dh222 million in the first quarter of 2011, an increase of 11 per cent compared to Dh200 million in the corresponding period of 2010.
The bank's total assets as of March 31 stood at Dh100.4 billion, an increase of 11 per cent compared to Dh90.1 billion at the end of the fourth quarter of 2010.
As of March 31, customer deposits at the bank stood at Dh72.9 billion, up 15 per cent compared to Dh63.4 billion in the previous quarter.
Ratio
DIB's Basel II capital adequacy ratio was 17.5 per cent as of March 31.
"These positive results — including growth in net profits, assets and customer deposits — reflect the resilience of Dubai Islamic Bank during this period of increasing domestic economic expansion," said Mohammad Ebrahim Al Shaibani, director-general of the Dubai Ruler's Court and chairman of Dubai Islamic Bank.
DIB now operates more than 135 branches in the UAE, Pakistan and Jordan, serving nearly 1.3 million customers across the network. So far this year, Al Shaibani said, DIB has opened two new branches, further supporting its status as one of the UAE's leading Islamic banks.
"Led by a strong management team and with a clear vision for the future, Dubai Islamic Bank will continue to provide an important contribution to the econ-omic growth and diversification of the UAE as a whole."
