Dubai Bank profit rises to Dh211 million

Dubai Bank announced a Dh211 million profit in 2007, up 102 percent over that of 2006.

Since its conversion into an Islamic bank on January 1, 2007, the bank's total assets grew 98 per cent from Dh5.5 billion in 2006 to Dh10.9 billion last year.

Owners capital rose 219 per cent from Dh639 million to Dh2.04 billion.

Dubai Bank last year tripled its capital from Dh500 million to Dh1.5 billion.

The bank's joint portfolio of corporate and retail assets increased by 328 per cent from Dh1.2 billion in 2006 to Dh7.7 billion in 2007. The total deposits portfolio rose about 73 per cent from Dh4.5 billion to Dh7.8 billion.

"The bank has had significant progress on all directions and in various business segments within retail, corporate and investment banking.

Continual and steady achievements have not only resulted in strengthened support from the shareholders but also increased the confidence of our valued customers," said Mohammad Al Shaibani, Dubai Bank's Chairman.

The bank expanded its branch network from five in 2006 to 15 by the end of last year.

"Since our conversion to a Sharia-compliant bank, we have witnessed phenomenal growth in our business and in the level of customer satisfaction," said Abdul Aziz Al Muhairi, Dubai Bank's CEO and executive member of the board of directors.