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Dubai Islamic Bank Profits Fall 33 Percent in Q2 - ASHARQ AL-AWSAT English Archive
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DUBAI (AFP) – Dubai Islamic Bank posted a net profit of 301 million dirhams (81.9 million dollars) for the second quarter of 2010, down 33 percent from the same period last year, a statement said on Sunday.

DIB, the largest Islamic lender in the United Arab Emirates, had netted 450 million dirhams (122.5 million dollars) in the second quarter of 2009.

“Despite conservative financing and provisioning policy, the retail and corporate banking division has registered positive growth,” the bank’s chairman, Mohammed Ibrahim al-Shaibani, said in the statement posted on the Dubai Financial Market’s website.

DIB’s net profits for the first half of 2010 were 502 million dirhams (136.6 million dollars), down from 820 million dirhams (223.2 dollars) for the same period in 2009, according to the statement.

Its total assets stood at 83.8 billion dirhams (22.8 billion dollars) as of June 30, 2010, down from 87.8 billion dirhams (23.9 billion dollars) in 2009.

DIB was established in 1975. It is the oldest Islamic bank in the UAE.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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