Dubai Islamic Bank reports Rs 501m profit

Dubai Islamic Bank Pakistan Limited has reported a year end profit before tax of Rs501 million. Furthermore, a 38 per cent deposit growth was achieved in comparison to 2011, taking total deposits to Rs53.11 billion in 2012. The BoD of Bank held a meeting to approve its financial statements for the year ended Dec 31, 2012. A press release said that on the asset side, DIBPL’s asset base rose by 32% in contrast to 2011 increasing the asset base to Rs63.5 billion in 2012. The Bank’s investments grew substantially by 65% over the year, taking total investments to Rs21.33 billion.

DIBPL opened 25 new branches in 2012, increasing the total branch network to 100 in 35 cities. In addition, the Bank also established 15 Branchless Banking Booth mainly based to cater to growing remittance segment. that require easy, safe and convenient access. The Bank added over 20,000 more customers in 2012, taking full customer base to over 100,000.

DIBPL intends to keep the momentum going for 2013 as well, aiming to take the branch network to 125 branches along with opening 40 Branchless Banking Booths. This would enable an overall footprint of 165 outlets in 40 cities nationwide.