IslamicFinance.de

Dubai Islamic Bank (DIB) Group has reported a net profit of Dh1.2 billion for the first nine months of the year, up 33.5 per cent compared with Dh899 million reported in the same period in 2012. The bank attributes a 33.5 per cent increase in net profits to increased core business and lower provision requirements due to improved asset quality and overall improvement in the economic environment in the UAE. Net operating revenue of the bank at the end of the third quarter was Dh3.2 billion, up 5.6 per cent from Dh3 billion in the first nine months of 2012. Operating profit before impairments was up 7 per cent at Dh1.95 billion from Dh1.83 billion in the same period in 2012. The bank made provisions of Dh751 million in the first nine months of the year compared with D922 million in the same period in 2012. DIB continues to manage asset quality and non-performing assets by cautious lending and conservative provisioning approach.