Results Highlights:

• Net operating revenue of the bank of AED 3.2 billion, an increase of 5.6 per cent from AED 3.0 billion for YTD 2012
• Operating profit before impairments of AED 1.95 billion, up seven per cent from YTD 2012 AED 1.83 billion
• Total assets up nine per cent at AED 107.4 billion compared to AED 98.7 billion at the end of 2012
• Gross financing portfolio at AED 59.7 billion, up 1.4 per cent compared with AED 58.9 billion at the end of 2012
• Customer deposits at AED 79.6 billion, up 19.3 per cent compared with AED 66.7 billion at the end of 2012
• Financing to deposit ratio at 70 per cent as against 83 per cent at the end of 2012
• Capital adequacy ratio at 18.7 per cent, compared with 17.4 per cent at end of 2012

His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said, “With the continuous improvement in markets across Dubai and the UAE, DIB is ready to embark on a strong growth agenda as evidenced by the recent results. In this respect, the bank continues to be a critical pillar not only to progress the Islamic Finance agenda for the emirate of Dubai but also to promote the growth and innovation in the banking sector of UAE.”

Dubai Islamic Bank Managing Director, Mr. Abdulla Al Hamli, said, “Throughout the last few years of the global financial crisis, we at DIB have been preparing ourselves for the market to turnaround. I feel proud of the management and the team for the way they have worked together to successfully develop and execute the plans despite the tough economic environment and position the bank for robust and stable growth going forward.”

Dubai Islamic Bank Chief Executive Officer, Dr. Adnan Chilwan, said, “At DIB, our focus is to always create value for the bank’s stakeholders. Hence, despite the crisis, we continued to invest and innovate to provide need-based, relevant and high quality products and services to our growing customer base while simultaneously ensuring that the bank remains profitable, thereby meeting the shareholder’s expectations of consistent returns on their investment. As evidenced by the results so far in 2013, the bank is clearly on a strong growth agenda and optimally positioned to take advantage of the positive signals emanating from the market here in Dubai and the UAE. With improved economic conditions, and given our track record, we are confident that our strategy will further enhance the franchise value ensuring that we remain aligned to our customers and shareholders expectations in 2013 and beyond.”

*This article was published on 11 November 2013 by CPI Financial. Read the original article here.