Dubai: Dubai Islamic Bank (DIB) said on Monday it’s assembly has approved the distribution of a 40 per cent cash dividend for 2014, a 60 per cent increase from the previous year.

The assembly also approved the bank’s 2014 financial statements, it said in a statement. For the 12 months ended December 2014, DIB reported a net profit of Dh2.8 billion, a significant increase of 63 per cent compared to Dh1.70 billion in 2013.