Dubai Bank Shows Annual Net Profits

Strong profits have been declared by one of the leading Islamic banks, Dubai Bank. These are the results for the financial year ending December, 2008. The new profits declared are huge as it stood at Dh226.1 million. This shows a growth of around 7.26 percent over the span of 1 year. In spite of the crunch faced by UAE’s economy especially by Dubai property sector, it has overcome with all the challenges posed by the global economy.

The chairman of Dubai Bank, Fadel Al Ali 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. We will continue to use and build on these strengths in the future." If we talk about the performance, assets and deposits of the bank, few amazing figures come out. Apart from performance another key factors have also improvised. Deposits grew by 94 percent and reaches out to a figure of Dh14.97 billion, similarly, assets grew by 69 percent.

At the Islamic Banking Product Awards held in Dubai, this success of Dubai bank is recognized and is awarded with the "Best Islamic Credit Card" award. The CEO Al Shaksy, Dubai bank said, “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.”

He further added “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.”