Dubai Dubai Islamic Bank (DIB) recorded a net profit of Dh739 million in the first half of this year, up 25 per cent from Dh592 million during the same time a year ago.
Net profit for the second quarter of this year reached Dh437 million, up 31 per cent from compared to Dh334 million registered during the corresponding time last year.
Net revenue for the first half of the year amounted to Dh2.1 billion, an increase of 10 per cent from Dh1.9 billion recorded during the same period in 2012.
“With a consistent positive trend in revenue and net profits over the last few quarters, growth is our clear strategic theme going forward…” said Adnan Chilwan, Chief Executive Officer of DIB.
As of the end of June, the bank’s total assets reached Dh111.1 billion, which grew by 13 per cent compared to Dh98.7 billion recorded at the end of December last year.
Customer deposits grew by 23 per cent to Dh82.4 billion, while current and savings account deposits grew by 16 per cent to 33.7 billion as of June 30 this year.
DIB’s capital adequacy ratio reached 18.1 per cent, an increase from 17.4 per cent recorded at the end of December last year. The bank’s Tier 1 capital ratio was 18.1 per cent, which grew from 13.9 on December 31, 2012.
The bank’s gross investing and financing assets rose 1.4 per cent to Dh59.6 billion, as of the end of June.
In addition, DIB has set aside Dh545 million for impairments to improve its overall coverage ratio during the first half of the year.
During the first half of the year, the bank expanded its retail franchise to include three branches and 23 ATMs to its network.
Also during this period, the bank repaid the Dh3.753 billion deposit that was lent to it by the Ministry of Finance during the financial crisis in 2008. Also, DIB raised a $1 billion Tier 1 Capital-eligible issuance.
Additionally, it completed its acquisition of Tamweel, an Islamic home finance provider.