Dubai Islamic Bank posts $471m profit for 2008: Arabian Business

Dubai Islamic Bank (DIB) has reported AED1.73 billion ($471m) in net profit for 2008, a small decline compared to 2007.

DIB’s total assets as of December 31, 2008, stood at AED84.6 billion, up slightly compared to the end of the same period in 2007.

Financing activity registered strong growth, bank bosses said, with total financing assets reaching AED52.7 billion in 2008 compared to AED 40.4 billion in 2007, an increase of 30 per cent.

Customer deposits increased two percent to reach AED66.4 billion in the 12 months ending December 31, 2008.

The bank said it maintained a financing-to-deposit ratio of 79 percent as of December 31, 2008, which bank chiefs said was a clear indication of DIB’s healthy liquidity position.

DIB’s full-year results reflected total impairment provisions of AED521 million (including writedowns on its investment portfolio) and mark-to-market losses on equity investments of AED277 million.

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