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Sat 30 Apr 2011 04:53 PM

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Dubai Islamic Bank posts 11% rise in Q1 net profit

Total bank assets at more than AED100bn at end of March, up 11% from the previous quarter

Dubai Islamic Bank posts 11% rise in Q1 net profit
Dubai Islamic Bank. (Getty Images)

Dubai Islamic Bank (DIB) said on Saturday that its net profit for the first quarter of 2011 was AED222m ($60.4m), an increase of 11 percent compared to the corresponding period of 2010.

The increase marked a return to stable growth for the bank, which said it continues to "witness a strong income contribution from its core operations".

The bank's total assets as of March 31, stood at AED100.4bn, an increase of 11 percent compared to the end of the previous quarter.

Customer deposits were up by 15 percent in the quarter to AED72.9bn, the bank said in a statement.

Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank, said: "These positive results - including growth in net profits, assets and customer deposits - reflect the resilience of Dubai Islamic Bank during this period of increasing domestic economic expansion."

He said DIB now operates more than 135 branches in the UAE, Pakistan and Jordan, serving nearly 1.3 million customers across the network.

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