Dubai Bank announces record annual net profits of AED 226.1 million, up 7.26 per cent

Dubai Bank today declared strong profits in its financial results for the year ending 31st December, 2008. Net profit stood at AED 226.1 million, growth of 7.26% over 2007, in spite of the challenges posed by the global economy over the course of the year. Among other key indicators of performance, assets grew by 69% to reach AED 18.5 billion, while deposits grew by 94% from 2007 to reach AED 14.97 billion.

The retail arm of the bank continued to build on its successful performance of past years with its Ijarah and Personal Finance portfolios growing by 164% and 143% respectively. The Covered Card business demonstrated dramatic growth, with a near doubling of its portfolio. Its success in 2008 was also acknowledged with the “Best Islamic Credit Card” award at the Islamic Banking Product Awards in Dubai.

Fadel Al Ali, Chairman of Dubai Bank, said: “We are very pleased with Dubai Banks’ performance: 2008 has been a difficult year for the global financial services industry, but we have remained firmly on our path of continued growth, achieving healthy profits and phenomenal increases across all our core operations. Our success is a reflection of our commitment to excellence and our incessant efforts to bring to our customers the best in Sharia-compliant financial services. Our further commitment to innovation and service quality, coupled with strong risk management systems and a highly dedicated team of employees are also at the heart of our success. We will continue to use and build on these strengths in the future.” “The challenges faced by the global market in 2008 also offered us a number of unique opportunities that we have managed to capitalize on effectively,” said Salaam Al Shaksy, CEO of Dubai Bank. “The corporate customer base continued to expand, while our SME business saw robust growth and made a healthy contribution to the bottom line.” Al Shaksy, who was named “Banker of the Year” at the Islamic Banking and Finance Awards 2008, added: “In line with our commitment to provide our customers with an unmatched level of service quality and achieve the highest standards of excellence, we augmented our distribution channels with a number of new branches and ATM machines across the UAE. Our focus on innovation and creativity was further highlighted when we became the first bank in the region to introduce Mobile Banking. In addition, we signed a number of strategic agreements to support our expansion plans, with the aim of providing new banking outlets for existing and prospective customers.

“Dubai Bank is ready for the challenges of the year ahead. Our clarity of vision and focus on performance will allow us to capitalize on the opportunities that may emerge.”