Tagged: Dubai Islamic Bank

Dubai Islamic Bank net profit up 25 per cent in first half of year

Dubai Islamic Bank net profit up 25 per cent in first half of year

<p>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&rsquo;s total assets reached Dh111.1 billion, customer deposits grew by 23 per cent to Dh82.4 billion. The bank&rsquo;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.</p>
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<p><a href="http://gulfnews.com/business/banking/dubai-islamic-bank-net-profit-up-25-per-cent-in-first-half-of-year-1.1215877" title="http://gulfnews.com/business/banking/dubai-islamic-bank-net-profit-up-25-per-cent-in-first-half-of-year-1.1215877">http://gulfnews.com/business/banking/dubai-islamic-bank-net-profit-up-25…</a></p>
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Mortgage lender Tamweel to delist from Dubai bourse

Mortgage lender Tamweel to delist from Dubai bourse

Sharia-compliant mortgage lender Tamweel said on Monday its shareholders had approved the company's delisting from the Dubai stock exchange, paving the way for its acquisition by Dubai Islamic Bank. Dubai Islamic Bank said in January it planned to acqu…

Dubai Islamic Bank ratings affirmed by Moody’s

Dubai Islamic Bank ratings affirmed by Moody’s

Dubai Islamic Bank Group (DIB) today announced that its Long Term Issuer ratings have been affirmed by Moody’s at Baa1 and the outlook has been moved to “Stable”. The confirmation of DIB’s ratings reflects the recent capital injection and the expectation that asset quality pressure will ease which, in turn, should support profitability, according to Moody’s. Morover, the systemic importance of the bank to the banking sector and the government ownership of 34% were also cited as some of the factors for the decision. Moody’s also affirmed the long term issuer ratings of Tamweel, which is a subsidiary of the bank (86.5% owned by DIB) at Baa3 and with the recent move by DIB to take over the company, Tamweel’s outlook on ratings has been upgraded to “Positive.”

DIB eyes acquisitions in Asian markets

DIB eyes acquisitions in Asian markets

Dubai Islamic Bank (DIB) is anxious to expand but is being held back in part by the unrest dominating the Middle East, according to its CEO Abdulla Al-Hamli. The bank expects to see close to 17 percent growth in net profit this year. DIB shares are up 43 percent so far this year to 2.88 dirhams, giving it a market capitalization of about AED 10.9 billion. After the global credit crisis the bank cut real estate investment to 27 percent of its portfolio from 45 percent in 2008. DIB’s non performing loans peaked at 14.5 percent after the crisis and dropped to 12 percent by the end of 2012. DIB is considering its expansion into Asian markets like Malaysia, Indonesia and India.

DIB repays Finance Ministry

DIB repays Finance Ministry

Dubai Islamic Bank (DIB) has repaid the Dh3,752,543,000 deposit, in full and well ahead of contractual maturity which it received from the Ministry of Finance in 2008. In March 2013, Dubai Islamic Bank announced the successful pricing of a US$1 billion…