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Sun 13 Mar 2011 09:59 AM

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Dubai Islamic Bank sees full-year net profit fall to AED806m

UAE’s largest Islamic lender saw Q4 profit slump 62 percent to AED33.2m

Dubai Islamic Bank sees full-year net profit fall to AED806m
DIB is the UAEs largest sharia-compliant lender

Dubai Islamic Bank, the emirate’s third-largest lender,
posted a full-year net profit of AED806m down from AED1.21bn in 2009, the bank
said in a statement Saturday.

Dubai’s third-largest bank by market value saw
fourth-quarter net profit slump 62 percent to AED33.2m ($9.04m), Reuters data
shows, down from AED86.55m in 2009.

DIB said provisions amounted to AED864m in 2010, while assets
grew nearly seven percent to AED90.1bn.

“As global credit conditions
improve and there is a continued return to financing growth, we will also see
increased activity in the UAE, as the domestic economy continues to expand,”
DIB chairman Mohammed Ibrahim Al Shaibani said in a statement.

The board proposed a cash dividend of 10 percent, the bank said.

DIB operates 68 branches across the UAE, six of which opened last year. The
UAE’s largest Islamic bank said in January it planned to open 10 new branches
by the end of the year.

In September, the bank raised its stake in mortgage lender
Tamweel to 57.33 percent, effectively making the Islamic lender a subsidiary of
DIB.

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