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Dubai Bank reports 25 fold increase in net profit for 2005 year end |
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2/7/2006 7:37:49 AM |
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Monday, February 06 - 2006 at 15:56
Dubai Bank has announced a net profit of AED 102.8 Million for 2005.
The Bank reported a doubling of its total assets, reaching AED 4.8 Billion as at 31 December 2005 compared to AED 2.4 Billion at end of year 2004. Deposits increased to AED 3.7 Billion and Loans and Advances to AED 1.6 Billion, representing an increase of 94.5 % and 37% respectively, over the previous year. Shareholder Equity grew a solid 29% and Operating income of Dubai Bank for 2005 was AED 270 Million, including non-interest income of AED 146 Million, an increase of 143% year-on-year.
Ziad Makkawi, CEO - Dubai Bank, said, 'Dubai Bank is keeping to its promise of building itself up into one of the UAE's major financial institutions. We are extremely pleased with our results for the year. For an institution which is barely 3 years old, achieving a return on equity of 21% is something we are all proud of. We are also pleased with the fact that Dubai Bank has achieved this strong growth not only in its core commercial business but also in the newly established Merchant Banking and Capital Markets businesses. We continue to push into new markets and have a full pipeline of transactions from the GCC, Turkey, India, Pakistan and other Emerging Markets.'
Ziad Makkawi continued; 'Our growth rates over the first half results in terms of net profit was 121%. Clearly 2005 represented a huge turning point for the bank during which Dubai Holding partnered up with our founding shareholders, Emaar Properties, and made a 70% strategic acquisition in the bank. This only re-enforces our optimism that Dubai Bank will live up to its name and make an important contribution to Dubai, the UAE and the region; becoming 'Dubai's Bank' in all our target markets.'
'Since its launch in late 2002, Dubai Bank has significantly exceeded its initial plans to break even by 2006. Going forward, we will continue to expand and improve the range of services and products we offer. 2006 will see the launch of our brokerage operations both in the DFM, the ADSM and the newly established DIFX. 2006 will also be the year where we position ourselves to meet the growing demand for Shari'a compliant products and services,'concluded Ziad Makkawi.
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