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Saturday, 19 April 2014

Dubai Islamic Bank records Rs 211 million profit before tax

The Board of Directors of Dubai Islamic Bank Pakistan Limited (DIBPL) recently held a meeting to approve its financial statements for the year ended December 31, 2013. DIBPL is a fully owned subsidiary of Dubai Islamic Bank UAE, the world's first Islamic Bank. 

The year 2013 marked numerous achievements for DIBPL. On the financial side, the bank reported a year-end profit before provisioning of PKR 668 million and due to provisioning of PKR 456 million against non-performing Islamic Financing assets the bank now has a profit before tax of PKR 211 million. Furthermore, a 27 percent deposit growth was achieved in comparison to 2012, taking total deposits to PKR 68 billion in 2013. On the asset side, DIBPL's asset base rose by 26 percent in contrast to 2012 increasing the asset base to PKR 80 billion in 2013. The bank's investments grew substantially by 17 percent over the year, taking total investments to PKR 25 billion. 

From only 36 locations (36 branches) in October 2010, today DIBPL stands at 150 locations (125 branches and 25 branchless banking booths) in 40 cities across Pakistan. The bank added over 40,000 more customers in 2013, taking full customer base to over 140,000. As per the permission of State Bank of Pakistan, the bank is now to be considered MCR compliant. DIBPL enjoys a short-term credit rating of "A-1" and long-term credit rating of "A" with a "positive" outlook, indicating the bank's robust position in the industry. The bank continues to reaffirm its commitment to Pakistan with new branches and absolutely Halal and Sharia compliant new products and services. 

DIBPL intends to keep the momentum going for 2014 as well, aiming to take the branch network to 175 branches along with 50 branchless banking booths. This would enable an overall footprint of 225 outlets in 50 cities nation-wide. DIBPL continues to strive and expand its sphere of world class banking expertise in Retail, Corporate, Trade and Investment Banking services across Pakistan. 

The bank's endeavour since inception has been to provide a variety of unique and Sharia compliant products and services to all customers. In this respect, DIBPL has had first-mover advantage in a variety of banking services such as Banca Takaful, Branchless Banking and Cash Management Services. DIBPL is the first Islamic bank in Pakistan to offer Priority and Platinum Banking and the most extensive and innovative portfolio of Alternate Distribution Channels (ADCs) which includes VISA ATM/Debit Card, Internet Banking, SMS Banking, Phone Banking, Mobile Internet Banking, InterBank Fund Transfer and over 65 ATMs and CDMs across Pakistan.

(Business Recorder / 18 April 2014)
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