Dubai Bank has reported a net profit of AED226.1m for the year ending December 31, 2008, an increase of 7.26% over 2007.
For 2008, total assets of the bank increased 69% to reach AED18.5 billion, while deposits grew by 94% from 2007 to reach AED14.97 billion.
Ijarah and personal finance portfolios at the retail arm of the bank increased by 164% and 143%, respectively. The covered card business nearly doubled its portfolio.
Salaam Al Shaksy, CEO of Dubai Bank, said: The challenges faced by the global market in 2008 also offered us a number of unique opportunities that we have managed to capitalize on effectively. The corporate customer base continued to expand, our SME business saw robust growth, and made a healthy contribution to the bottom line.
In line with our commitment to provide our customers with an unmatched level of service quality and achieve the highest standards of excellence, we augmented our distribution channels with a number of new branches and ATM machines across the UAE. In addition, we signed a number of strategic agreements to support our expansion plans, with the aim of providing new banking outlets for existing and prospective customers.
