Dubai Bank posts 7.3% rise in FY net profit

Dubai Bank, the Islamic bank that is part of Dubai Holding, on Sunday posted a 7.3 percent rise in full year net profit and a 69 percent increase in assets.

Net profit in the year ended 31 December 2008 rose 7.3 percent to AED226.1m ($61.6m), while assets grew 69 percent to AED18.5bn and deposits increased by 94 percent to AED15.0bn ($4.1bn).

“The challenges faced by the global market in 2008 also offered us a number of unique opportunities that we have managed to capitalize on effectively,” said chief executive Salaam Al Shaksy.

“The corporate customer base continued to expand, while our SME business saw robust growth and made a healthy contribution to the bottom line.”

The retail arm’s Ijarah and Personal Finance portfolios grew by 164 percent and 143 percent respectively, the bank said.

“Dubai Bank is ready for the challenges of the year ahead. Our clarity of vision and focus on performance will allow us to capitalize on the opportunities that may emerge,” Al Shaksy said.

Other banks in the region also saw strong growth last year.

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