The FINANCIAL — According to Gulfnews, Dubai Bank on April 13 reported a 300 per cent jump in its first quarter net profit to Dh131.5 million from the Dh32.9 million earned in the first quarter in 2007.
Operating income was up 250 per cent to Dh207.8 million for the first three months of 2008 compared to Dh73.8 million for the comparable period in 2007, while operating expenses advanced by only 65 per cent during the same period to Dh67 million.
Assets increased by 53 per cent to Dh14.4 billion as of March 31, 2008 compared to Dh9.4 billion at the end of March 2007.
Mohammad Al Shaibani, Dubai Bank's chairman and director-general of the Ruler's Court in Dubai, said, "While Dubai Bank has consistently excelled through superior performance in the last two years, the first quarter 2008 results have been overwhelming and far beyond all expectations."
Al Shaibani attributed the bank's phenomenal success as a new Sharia-compliant bank to the vis-ionary leadership and continuous guidance of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and to the unconditional support of Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai.
Abdul aziz Al Muhairi, Dubai Bank's chief executive officer and executive member of the board of directors, said, "Since our conversion to an ethical and Sharia-compliant bank, we are heartened to have witnessed a tremendous response in the market in a remarkably short span of time.
"This positive performance is a testimony to the unprecedented degree of acceptance and level of confidence that our customers have vested in Dubai Bank."
Throughout 2007, Dubai Bank launched a number of innovative and value-packed products and services that resulted in retaining and attracting both retail and corporate cust-omers.
The bank also enhanced its electronic delivery channels by launching SMS banking and internet banking services, and at the same time expanding its branch network exponentially.
With Dubai Bank's position growing from strength to strength within the region in a short period of time, the bank has also been successful in growing its business portfolios without compromising its asset quality.
Fitch Ratings recently assigned Dubai Bank a Long-term Issuer Default rating 'A' with a Stable Outlook.
Discussion about this post