DIB Assets Grow 26pc, Net Down

Dubai Islamic Bank reported a 26 per cent rise in assets to Dh18.5 billion at the end of third quarter, but its net profit fell from Dh475 million to Dh446 million. Total investments and financing rose 31 per cent to Dh16.7 billion compared with the figure for the same period last year - Dh12.7 billion.

The bank has also reported total customer deposits of Dh16.5 billion - a 29 per cent increase from the previous period's Dh12.8 billion.

Earnings were Dh616 million compared with Dh629 million, recorded for the same quarter last year.

Costs and expenditure were Dh171 million for the third quarter, against Dh155 million recorded by the bank for the same period last year.

"The bank's results in general reflects its ability to tackle the present economic situation and create flexibility in benefiting from the vital sectors that are least affected by the prevailing factors," said a bank spokesperson.