Dubai Bank's Profit and Assets More than Triple

Continuing the streak of excellent performance, Dubai Bank announced today that its net profit for the first half of 2007 has reached AED 81.2 million, a 237 per cent increase compared to the net profit recorded for the same period in 2006 (AED 24.1 million).The total operating income has gone up by 52 per cent to AED 177.7 million for the first half of 2007 compared to AED 116.9 million for the comparable period in 2006, while operating expenses advanced by only 2.4 per cent during the same period to reach AED 90 million.Mr. Mohammed Al Shaibani, Dubai Bank's Chairman said that the success of Dubai Bank was guided by the vision and foresight of His Highness Sheikh Mohammed Bin Rashed Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and with the unfettered support of Sheikh Hamdan Bin Mohammed Bin Rashed, Chairman of Dubai Executive Council, and the leadership in the senior management of our valued shareholders, Dubai Holding Group and Emaar. The Bank has witnessed significant progress on all fronts. Assets increased by a whooping 210% to reach AED 9.8 billion as of June 30, 2007 compared to AED 3.2 billion at the end of June, 2006.Furthermore, capital has tripled to AED 1.5 billion, customer acquisition advanced at a record pace and the number of branches jumped from 4 to 10, with even more in the pipeline."Since our conversion to a Shari'a compliant and ethical bank, we have seen phenomenal growth in our business and in the level of satisfaction with our services among our customers. We have introduced a number of innovative new products that cater to the needs of customers and the different market segments", Al Shaibani added. Mr. Abdulaziz Al Muhairi, Dubai Bank's Chief Executive Officer said: "Dubai Bank will continue to delight its customers and the market as a hole with creativity, originality and the best in services quality." Source