Dubai Islamic Reports a Record Profit of Rs 316 Million

By  · Friday, Mar 9, 2012 1 Comment

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Dubai Islamic Bank Pakistan Limited (DIBPL), which were surrounded by rumors of taking out equity from Pakistan, has reported a record pre-tax profit of Rs 316 million for the year ending December 31, 2011.

According to financial results of the bank approved by its board of directors in a recently held meeting and announced here on Thursday, deposits grew by 22.5% to Rs 38.49 billion over last year.

Dubai Islamic Pakistan is Part of the World's First Islamic Bank

Similarly, DIBPL’s asset base surged by 20.8 % to Rs 48.19 billion in 2011, while investments grew substantially by 117.6% over the year, taking total investments to Rs 12.93 billion in the period under review compared to 2010.

DIBPL is a subsidiary of Dubai Islamic Bank UAE, the world’s first Islamic Bank.

The year 2011 marked numerous achievements for DIBPL and the bank opened 39 new branches in a short span of time, taking the total branch network to 75 in 30 cities.

In addition, bank added over 20,000 more customers in its fold during 2011, taking the total clientele to over 75,000.

With short-term credit rating of “A-1″ and long-term credit rating of “A”, the bank continues to reaffirm its commitment to Pakistan with new branches and absolutely Halal and Shari’a compliant new products and services.

DIBPL intends to keep the momentum going for 2012 as well, aiming to take the branch network to surpass 100 branches along with opening 25 branchless banking booths. This would enable an overall footprint of 125 outlets for the bank nationwide. DIBPL continues to strive and expand its sphere of world class banking expertise in retail, corporate, SME and investment banking services across Pakistan.

DIBPL has had first-mover advantage in a variety of banking services such as BancaTakaful, branchless banking and cash management services.

DIBPL is currently one of the most active players in the consumer autos and home finance industry with the combined portfolio standing way above Rs 10 billion.

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One Comment

  1. Senior Banker says:

    Dubai islamic Bank Pakistan Limited still pockets accululated loss of over rupees 700Million.MRC of 10billion will not be met, captial as per latest finanical statment is 6billion, hence making its going concern is serious doubts (this fact is also mentioned in the 2011 annual report).

    Dubai islamic UAE treat pakistan subsidary as a orphan child, even it does not confirm its Letter of credit.

    Corporate banking portfolio is smallest among the islamic bank, as dubai islamic UAE do not want to take exposure in local market.

    firing of management and senior level management staff is passion of current CEO, previous CEO and many senior manager are swiftly expelled.job unsecurity is hightest among the staff. Bonuses are paid once in two years while increments remain within 10% on average.