DIB reports impressive performance in Q2

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has announced its financial figures for the second quarter of current financial year, reporting an impressive growth of 10 per cent in its net profit that stood at Dh552 million compared to Dh301 million in the same period of 2010.

DIB’s net profit increased by 50 per cent in the second quarter of 2011 if figures are compared quarter-on-quarter basis.

DIB reported 14 per cent increase in its total assets at Dh102.9 billion compared to Dh90.1 billion at the end of 2010. Total revenue during the first half of 2011 also rose 20 per cent to Dh1.8 billion compared to Dh1.5 billion in the same period of 2010.

DIB’s capital Adequacy Ratio stood at 17.5 per cent while its financing-to-deposit ratio of 71.3 per cent as of June, reflecting strong liquidity conditions of the bank. Bank’s robust performance assumes significance as it enhanced provisions for impairment from Dh320 million in the first half of 2010 to Dh500 million in the same period of 2011.

Mohammed Ibrahim Al Shaibani, Director-General of The Ruler’s Court of Dubai and chairman of DIB added, “The bank’s commitment to prudently manage its core operations, through effective cost controls and risk management, has delivered a strong set of results in the second quarter of the year.”