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DIB profits decline 40pc
Dubai Islamic Bank (DIB) reported a 40 percent drop in its second quarter net profit compared with...
July 25, 2009 8:15 by Dana El Baltaji
Dubai Islamic Bank (DIB) reported a 40 percent drop in its second quarter net profit compared with the same period in 2008.
The bank said its profit hit AED450 million in Q2, bringing DIB’s net profit for the first half of 2009 to AED820 million, a 37 percent decline over the same period last year.
DIB’s chairman, Mohammed al Shaibani, said in a statement: “The past few months have been challenging for the banking and finance industry in the region and globally. As we begin to see gradual stabilization of the markets in the past quarter, DIB is optimistic of the recovery of regional markets.”