DIB turnaround leaves little room for doubt | GulfNews.com

DIB turnaround leaves little room for doubt | GulfNews.com:



"When Dubai Islamic Bank, the largest Islamic bank in the UAE by assets reported 111 per cent growth in net profit in the first quarter of this year; most analysts doubted a repeat of it in the following quarters. But with the results for the third quarter, the bank has surprised the sceptics with strong numbers for three consecutive quarters and a strong outlook for the fourth.



“We were not surprised by the initial doubts expressed by many. The easiest way to gain their confidence was to deliver it real numbers. Looking at our third quarter numbers some analysts have even commented that we have the potential to deliver more and we believe them,” said Dr Adnan Chilwan, Dubai Islamic Bank’s chief executive officer.



For the third quarter of this year, DIB reported a net profit of Dh723 million, up 57 per cent compared to Dh461 million in the same quarter last year. For the first nine months of 2014 the bank’s profits were up 72 per cent to Dh2 billon. The bank’s gross revenue increased by 17 per cent to Dh4.7 billion million in the first three quarters of this year compared to Dh4 billion in the same period last year. Dr Chilwan said the growth in the past three quarters are built on prevailing strong macroeconomic fundamentals, the intrinsic strength of the bank’s balance sheet and a robust strategy the bank has adopted following five years of transformation."



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