Dubai Islamic Bank Q3 profit plunges 31pc.Byline: Dubai Dubai Islamic Bank The Dubai Islamic Bank is an Islamic bank in Dubai, established in 1975. Financial Information Figure 2004 2003 2002 Total Assets 30,613,361 22,778,319 19,587,790 Shareholder's Equity 2,687,419 1,548,180 1,473,986 NIAT 461,003 234,456 159,798 (DIB (1) (Directory Information Base) Also called "white pages," a database of names in an X.500 system. (2) (Device Independent B )'s third-quarter net profit fell 30.9 per cent to Dh296.75 million ($80.78 million) when compared to a year earlier, while its total assets as of September 30, 2009, stood at Dh82.9 billion. A leading Islamic bank, DIB said its profit for the first nine months of 2009 touched Dh1.12 billion 'demonstrating its resilient See resiliency. operations and robust core business despite global challenges facing the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. sector.' Despite the continued challenging conditions facing the financial services sector worldwide, DIB has maintained its focus on long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. sustainable growth and will be in an extremely strong position to benefit from the global recovery, said Mohammed Ibrahim Mohammed Ibrahim may refer to:
In line with its long-term prudent and conservative approach, DIB has made impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. provisions of Dh403 million for the same period, impacting its net profitability. The bank's total assets as of September 30, 2009, stood at Dh82.9 billion, while customer deposits reached Dh66.1 billion in the same period. 'This confirms that the bank is on track towards execution of its retail banking strategy, which is the key focus area for the bank in 2009 and beyond, as it increases its customer market share and asset base across the country,' Al Shaibani said. The figures also reflect the continued strength and appeal of DIB during a period of sustained expansion of the bank's retail banking services and channels through its bricks-and-mortar branch network, which is targeted to reach a total of 64 nationwide branches by the end of this year. The bank has already opened six new branches in 2009. At the end of the third quarter of 2009, DIB's investing and financing assets stood at Dh50.3 billion, while the bank's financing-to-deposit ratio stood at 76 per cent as of September 30, 2009, reflecting its sensible credit approach and strong liquidity position, which has enabled DIB to expand its retail credit portfolio in line with the bank's strategy for the year.' As further evidence of the bank's strong liquidity position, earlier this year, DIB bought back its sukuk amounting to $50.6 million through a cash tender offer to its sukuk holders, Al Shaibani pointed out. "The past 12 months have presented a range of unprecedented threats to the stability of the global financial system," he said, "but we are now clearly emerging from that period of instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability and moving into a new phase of recovery, evidenced by the more positive growth projections worldwide,' he added.- TradeArabia News Service Copyright 2008 www.tradearabia.com Copyright 2009 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company |
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