By Neil King
Profit rise beats estimates as bank records growth across asset and deposit bases
Dubai Islamic Bank (DIB) has recorded a 33.9 percent rise in its fourth quarter net profit, helping it to a AED1.9bn ($517m) net profit for 2012.
The largest sharia-compliant lender in Dubai beat analyst forecasts to make AED336m ($91.5m) between the start of October and end of December, reports Reuters, up from AED251m ($68.3m) in the corresponding period last year.
Chairman of DIB, Mohammed al-Shaibani, said the bank saw healthy growth across a number of key areas, including asset and deposit bases.
Total assets increased 5.3 percent in 2012 to AED95.4bn ($26bn), while customer deposits were AED66.8bn ($18.18bn) at the end of December, up 2.9 percent on the end of 2011 but slightly lower than the AED66.9bn ($18.21bn) at the end of Q3 last year.
DIB’s board proposed a cash dividend of 15 pecent for 2012, subject to shareholder and regulatory approval, up from 12.5 percent in 2011.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.