DIB AGM approves dividend payout

DUBAI ISLAMIC BANK: Chairman warns at AGM of challenges ahead, but bank's robust retail operations will keep it well placed. (Getty Images)

Following the conclusion of its Annual General Meeting (AGM), held Wednesday, Dubai Islamic Bank (DIB) announced approval has been given for the distribution of a cash dividend of 25 percent and bonus shares of five percent for the year 2008.

During the AGM, the bank’s 2008 financial results were also approved. DIB noted the 1.73 billion dinars in net profit for the 12 months ending December 31, 2008.

Last month the bank reported total assets, as of December 31, 2008, stood at 84.6 billion dinars, up slightly compared to the end of the same period in 2007.

Financing activity also registered strong growth, with total financing assets reaching 52.7 billion dinars, compared to 40.4 billion dinars the previous year.

However, the full-year results included impairments totaling 521 million dinars, including write downs on its investment portfolio and mark-to-market losses on equity investments of 277 million dinars - the majority of these occurring in Q4.

HE Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank said at Wednesday's AGM: ''While there is no doubt that the current challenges to the stability of the global financial system are without precedent in our lifetimes, Dubai Islamic Bank will strive to repeat the success of previous years by focusing on offering our retail and institutional clients the most innovative financial products and services.''

''Even more important, the bank will sustain its commitment to contributing to the ongoing growth, stability and diversification of the UAE and all the markets we serve,'' he added.

The bank’s current growth strategy - with a renewed focus on its already robust retail operations - has the potential to deliver significant results.

By the end of this year, it expects to record a 15 per cent increase in its customer base, reaching some 900,000 customers, while the bank’s retail assets business will grow by approximately 20 percent.

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