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Dubai: Dubai Islamic Bank (DIB) yesterday reported 31 per cent growth in net profits to Dh556 million for the first quarter of 2008, up from Dh424 million for the corresponding period in 2007.
At the end of the first three months of this year, the bank's total assets stood at Dh85.1 billion, up 24 per cent compared to Dh68.9 billion at the end of first quarter of 2007.
Financing and investment activities increased 29 per cent in the first quarter of 2008 to Dh43.2 billion, up from Dh33.5 billion in the same period in 2007.
Customer deposits showed strong growth of 28 per cent, to Dh66.3 billion in the first quarter of 2008, compared to Dh51.6 billion in the first quarter of 2007.
Mohammad Ebrahim Al Shaibani, chairman of Dubai Islamic Bank, said: "As today's announcement demonstrates, DIB continues to consolidate its leadership position in the banking and financial services sectors.
The bank also continues to introduce innovative products and services, while simultaneously dive-rsifying its financing and investment portfolio."
During the first quarter, the bank consolidated its role in the financing sector by providing financial solutions, products and services that helped government and semi-government organisations and private-sector firms to maximise their own growth potential.
New projects
During the same period, the bank financed new projects in the contracting sector worth Dh12 billion, he said.
"In the retail banking area, DIB continues to launch new investment products and services, including simultaneously introducing two innovative investment products linked to the fast-growing alternative energy sector in the first quarter of this year," he said.
"These products will help customers diversify their investment portfolio, achieving rewarding returns.
In the UAE, DIB opened four new branches in the first quarter alone, increasing our total domestic branch network to 48," he added.
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