Dubai Islamic Bank has reported a profit of AED370 million for the first quarter of 2009, a decrease of 33%, compared to same period of 2008.
In the first quarter of 2009, Dubai Islamic Bank has reported AED474 million in profit before provisions. The bank has made impairment provisions of AED104 million for the same period.
The bank’s total assets as of 31 March 2009 stood at AED95 billion, up 12%, compared to AED85 billion at the end of 2008. Customer deposits increased 15% to reach AED76.6 billion in the first quarter of 2009, compared to AED66.4 billion as of 31 December 2008.
Dubai Islamic Bank projects that the expansion of its retail banking business, including 10 new branch openings in the UAE in 2009, will contribute to its projected annual balance sheet growth and will account for approximately 47% of the bank’s revenue for 2009.
“The first three months of this year were challenging for the global financial services industry, but we are now cautiously optimistic that the worldwide economy will soon begin its gradual recovery,” says Mohammed Ibrahim Al Shaibani, director general of the Ruler’s Court of Dubai and chairman of Dubai Islamic Bank.
“Here in the UAE, the decisive actions taken by the government beginning in the fall of 2008 have ensured that the impact of the global financial crisis is minimized, and that the worst is over and behind us, as stated recently by Sheikh Mohammed Bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai.”
L.D.