Dubai Islamic Bank (DIB), Sharia-compliant financial institution, has announced its financial results for the first half of 2008, demonstrating consistently strong performance, especially in its core business, during a period of ongoing organic growth. The bank's net profit reached Dh1.303 billion, an increase of 47% compared to Dh888 million for the corresponding period last year, excluding the gain on transfer of interest in a DIB Subsidiary.
At the end of the first 6 months of 2008, the bank's total assets stood at Dh91.4 billion, up 21% compared to Dh75.5 billion at the end of first half of 2007. Financing and investment activities increased 34% reaching Dh60.8 billion up from Dh45.3 billion in the same period of 2007. Customer deposits showed strong growth of 22% reaching Dh72.8 billion in the first half of 2008 compared to Dh59.7 billion in the first half of 2007.
In the first half of 2008, Dubai Islamic Bank's wholly-owned investment banking arm arranged sukuk and syndication transactions in excess of Dh20 billion. Thus, DIB rose to first place in the overall GCC Islamic Bond Tables, up from 6th place last year, according to the Bloomberg Underwriter Rankings published in July 2008. DIB continues to join hands with strategic partners to successfully launch entities and special purpose vehicles in the fields of investment, real estate development, advisory, private equity funds and others.
