Dubai Islamic Bank net profit grows 61% to Dhs2.5bn

Dubai Islamic Bank (DIB) announced its financial results for 2007, which show robust and expanding business across its operations. The bank reported Dhs2.5bn in net profit for the year ended December 31, 2007, rising by 61% compared to Dhs1.56bn for the year ended December 31, 2006.

The results were announced following a meeting of the Board of Directors held on Wednesday, January 30, 2008. The Board proposed a bonus share of 15% and a cash dividend of 40% for the year 2007.

The bank recorded a total revenue of Dhs7bn for the year ended December 31, 2007, rising by 46% compared to Dhs4.8bn for the year ended December 31, 2006. The profit for 2007, including depositors' profits, stood at Dhs5.2bn, an increase of 58% compared to Dhs3.3bn for the year ended December 31, 2006.

Total assets in 2007 reached to Dhs84.3bn, an increase of 31% compared to Dhs64.4bn in 2006.

Financing and investment operations also delivered strong growth, with total investment and financing assets, including investments in sukuks, reaching at Dhs48.9bn compared to Dhs35.2bn over last year, an increase of 39%.

Customer deposits also showed aggressive growth of 36% over last year, reaching Dhs64.8bn in 2007 compared to Dhs47.7bn in 2006.

Dr. Mohammed Khalfan Bin Khirbash, Minister of State for Finance and Industry and Chairman of DIB, said: 'With the Grace of Allah, 2007 was a landmark year in Dubai Islamic Bank's history, with immense contributions from all quarters. DIB signals another year of excellence as it consolidates its leadership position, sets standard for excellence and contributes to the development of the national economy....continue