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Sun 4 Nov 2012 05:38 PM

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Dubai's DIB posts flat Q3 net profit

Dubai Islamic Bank says it took conservative approach to provisioning in third quarter

Dubai's DIB posts flat Q3 net profit
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Dubai Islamic Bank (DIB), the emirate's largest sharia-compliant lender, reported a flat third-quarter net profit on Sunday.

The bank made AED298.5m ($81.3m) in the three months to September 30, it said in a statement. This compared with a profit of AED298m in the corresponding period last year.

It said the bank's total assets as of September 30 stood at AED93.7bn, compared to AED90.6bn at the end of last year, an increase of 3.5 percent.

It added that the third quarter saw DIB continue with its conservative approach to provisioning, with AED309m set aside for impairments, compared to AED217m in the same quarter of 2011, an increase of 43 percent.

For the first nine months of 2012, DIB made provisions of AED849m in a bid to strengthen the balance sheet of the bank.

Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank, said: "The performance of Dubai Islamic Bank in the third quarter of 2012 was notable for delivering strong results while continuing with its conservative approach to provisioning, as demonstrated by increases in key balance sheet ratio.

"This prudent business strategy positions the bank well to benefit from positive economic conditions in the UAE."

Abdulla Al Hamli, CEO, added: "Alongside actively enhancing the efficiency of our operations, the focus for DIB over the past quarter has been the introduction of innovative products to the market."

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