Dubai Islamic Bank net profit up 25 per cent in first half of year
Dubai Dubai Islamic Bank (DIB) recorded a net profit of Dh739 million in the first half of this year, up 25 per cent from Dh592 million during the same time a year ago. Net profit for the second quarter of this year reached Dh437 million, up 31 per cent from compared to Dh334 million registered during the corresponding time last year. Net revenue for the first half of the year amounted to Dh2.1 billion, an increase of 10 per cent from Dh1.9 billion recorded during the same period in 2012. As of the end of June, the bank’s total assets reached Dh111.1 billion, customer deposits grew by 23 per cent to Dh82.4 billion. The bank’s gross investing and financing assets rose 1.4 per cent to Dh59.6 billion. During the first half of the year, the bank expanded its retail franchise to include three branches and 23 ATMs to its network. Additionally, it completed its acquisition of Tamweel, an Islamic home finance provider.