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Dubai Islamic Bank profit up by 63 per cent

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(Dubai-AlummahWorld, 06 Rabi ath-Thani 1436, 26 Jan 2014) Dubai Islamic Bank (DIB) on Sunday declared a 63 per cent year-on-year increase in its net profit and 20 per cent growth in revenue for the year ended December 31, 2014.

With significant increase in net revenue and improved asset quality leading to declining impairment charges, net profit for the year ended 2014 increased to Dh2.8 billion compared to Dh1.72 billion in 2013. Gross revenue increased to Dh6.3 billion compared to Dh4.2 billion in 2013.

Mohammed Ibrahim Al Shaibani, director-general of The Ruler's Court of Dubai and chairman of Dubai Islamic Bank was quoted as saying "The strong results have been achieved despite challenging conditions in the latter part of the 2014 around oil price and equity market volatility. Dubai is strongly positioned to withstand the current volatilities in the oil market given its diversified economy and infrastructure and DIB's 2014 performance echoes the bank's strategic alignment to support the growth agenda of the emirate as well as its ambitions to become the global capital of Islamic economy."

Dubai Islamic Bank managing director, Abdulla Al Hamli, was also quoted as saying "The strong positive results for the year 2014 is a testament to the bank's capabilities in the current macro-economic and business landscape throughout the year, DIB have continued to progress in the industry through launching award winning products and services focused on benefitting our customers."