Dubai Islamic Bank first half profit up 47 per cent

Dubai: The Dubai Islamic Bank (DIB) announced on Saturday that in the first half of 2008 the bank's net profit reached Dh1.303 billion, an increase of 47 per cent compared to Dh888 million for the corresponding period last year, excluding the gain on transfer of interest in a DIB subsidiary.

At the end of the first six months of this year, the bank's total assets stood at Dh 91.4 billion, up 21 per cent compared to Dh 75.5 billion at the end of first half of 2007.

Financing and investment activities increased 34 per cent in the first half of 2008, reaching Dh60.8 billion, up from Dh 45.3 billion in the same period of 2007.

Customer deposits showed strong growth of 22 per cent, reaching Dh 72.8 billion in the first half of 2008, compared to Dh 59.7 billion in the first half of 2007.

“The first half result reflects a consistent trend of strong growth that dates back to many previous years. This trend is characterised by underlying business fundamentals, as opposed to one-off benefits, and we have ambitious plans that will enable us to continue this growth throughout 2008 and in the years to come,'' Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank said in a statement.

"Our strategy of diversifying revenues and operations has paid dividends, and we will continue to execute this strategy going forward," Al Shaibani added.