Dubai Bank Announces the Opening of Two New Branches

Dubai Bank has recently raised its branch network across the country by announced the opening of two new branches in Dubai. These two new branches are getting opened in order to meet the growing demand for banking operations. According to a statement the lender now has a total of 23 branches in the UAE, out of which 12 branches are in Dubai itself. Mohamed Amiri, the head of retain banking at Dubai Bank said, “The launch of our new branches is testimony to the rapid growth of our customer base and their increasing demand for our services.” He further added, “Our new premises are in prime business locations and will allow our customers in the Sheikh Zayed Road/DIFC vicinity to conduct their banking needs with greater convenience.”

These new locations at the Sheikh Zayed Road and Dubai World Trade Centre have further expanded the branch coverage of the bank. One of the two new branches is located next to the Shangri-La Hotel on Sheikh Zayed Road and the second new branch is ideally positioned at Dubai Convention Centre which is an ideal banking destination for both retail banking and business banking customers. The branch on the Sheikh Zayed Road incorporates a dedicated Royal Banking Section.

Recently Dubai Bank has been named as “Best Islamic Bank” by Ethos Consultancy. Both the newly opened branches offer a wide range of corporate, business and personal banking facilities or services. Cash deposit machines and 24 hour ATM’s are also available. The Head of Branches of Dubai Bank, Tariq Al Farsi said, “Our new branches are in line with the bank’s vision to increase our presence in the UAE and to be closer to our customers. Last year, we opened two branches and we are happy to continue the trend this year, while maintaining our focus on serving our customers' needs.” He further added that a total of 20 employees will serve the customers from two new locations of the bank.

National Bank of Fujairah records profit

The results for the first quarter have been announced by the National Bank of Fujairah where a net profit of Dh30.3 million has been recorded. In previous year 2008, the profits have been recorded of AED 55.4 million. This decline in profit reflects the current economic slowdown in the world. The Deputy Chairman of the National Bank of Fujairah, HE Sir Easa Saleh Al Gurg said this is a solid set of results in one of the most challenging economic environments we have ever seen. Following the full year loss of 2008, these results mark a welcome return to profitable operations. The Bank will continue its prudent approach in the unprecedented market conditions and will pursue selective opportunities for achieving steady growth and adding value for its shareholders."

Despite of the bank’s liquidity management, the cost of liquidity has been higher in the market and thus, laid a huge impact on the net profit and income. If we compare this years figures of net interest and foreign exchange income with the previous year 2008, the foreign exchange and net interest income has been increased by 1.5 and 2.2 per cent. At 31st December 2008, the investment portfolio was reduced from Dh227.4m to Dh144.3m. Therefore, only a modest loss of investment has been recognized.

If we look at the total assets of the NBF it stood up at Dh11.9 billion from Dh12.8 billion at the end of the year. The balance sheet of the bank shows reduction thereby, reflecting the risk craving of the bank and such financial institutions. This profit which the NBF recorded was for the three month period.

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.”