Dubai Islamic Bank AGM approves bonus share of 7per cent and cash dividend of 35per cent
The financial results of Dubai Islamic Bank (DIB) for the year ending 31st December 2006 were approved at the Annual General Meeting (AGM) of the bank held on February 25, 2007.
The assembly has also approved the distribution of a bonus share of 7 per cent and a cash dividend of 35 per cent. Dr. Mohamed Khalfan bin Khirbash, UAE Minister of State for Finance and Industry and Chairman of DIB, said: "DIB benefited from the UAE's economic prosperity, which recorded a phenomenal growth rate supported by a strong performance of all its sectors." "DIB's operations for 2006 were in line with the strategic objective and role set by DIB to support the national economic development, the prosperity of UAE and enhance the country's position as an international hub. These objectives were achieved through the financial solutions provided by DIB. A range of innovative products and services have helped large government organizations and semi government entities as well as private organizations to benefit from DIB's deals," he added.Dr. Khirbash concluded: "DIB's achievements in 2006 include cementing our position as the world's premier Islamic finance house with a string of transactions, culminating in the world's biggest US$3.52 billion Sukuk for the Nakheel Group."The bank reported AED 1.56 billion in net profit for the year ended December 31, 2006 rising by 47% compared to AED1.06 billion for the year ended December 31, 2005. The profit for 2006, including depositors' profits, stood at AED 3.3 billion, an increase of 65% compared to AED 2 billion for the year ended December 31, 2005. Total assets in 2006 reached to AED 64.5 billion reporting an increase of 50% compared to AED 43 billion in 2005. Financing and investment operations also delivered strong growth, with total investment and financing assets including investments in sukuks stood at AED 38.8 billion, an increase of 28% over last year. Customer deposits also showed an aggressive growth of 43% over last year reaching AED47.7 billion in 2006.Following DIB's capital increase, the shareholders equity which include dividend proposed for distribution amongst shareholders as at the end of December 2006 increased by 131 per cent to AED8.8 billion compared to AED3.8 billion as at the end of December 2005. Source
The assembly has also approved the distribution of a bonus share of 7 per cent and a cash dividend of 35 per cent. Dr. Mohamed Khalfan bin Khirbash, UAE Minister of State for Finance and Industry and Chairman of DIB, said: "DIB benefited from the UAE's economic prosperity, which recorded a phenomenal growth rate supported by a strong performance of all its sectors." "DIB's operations for 2006 were in line with the strategic objective and role set by DIB to support the national economic development, the prosperity of UAE and enhance the country's position as an international hub. These objectives were achieved through the financial solutions provided by DIB. A range of innovative products and services have helped large government organizations and semi government entities as well as private organizations to benefit from DIB's deals," he added.Dr. Khirbash concluded: "DIB's achievements in 2006 include cementing our position as the world's premier Islamic finance house with a string of transactions, culminating in the world's biggest US$3.52 billion Sukuk for the Nakheel Group."The bank reported AED 1.56 billion in net profit for the year ended December 31, 2006 rising by 47% compared to AED1.06 billion for the year ended December 31, 2005. The profit for 2006, including depositors' profits, stood at AED 3.3 billion, an increase of 65% compared to AED 2 billion for the year ended December 31, 2005. Total assets in 2006 reached to AED 64.5 billion reporting an increase of 50% compared to AED 43 billion in 2005. Financing and investment operations also delivered strong growth, with total investment and financing assets including investments in sukuks stood at AED 38.8 billion, an increase of 28% over last year. Customer deposits also showed an aggressive growth of 43% over last year reaching AED47.7 billion in 2006.Following DIB's capital increase, the shareholders equity which include dividend proposed for distribution amongst shareholders as at the end of December 2006 increased by 131 per cent to AED8.8 billion compared to AED3.8 billion as at the end of December 2005. Source
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