Dubai Bank has announced a net profit of Dh81.2 million for the first six months of 2007, up 237 per cent from Dh24.1 million during the same period last year.

The bank reported operating income of Dh177.7 million, up 52 per cent from the first half last year. Operating expenses increased by 2.4 per cent to Dh90 million.

While the bank's assets increased by a whopping 210 per cent to Dh9.8 billion as of June 30, compared to Dh3.2 billion at the same time last year, the capital tripled to Dh1.5 billion. The number of branches jumped from four to 10.

"Since our conversion to a Sharia-compliant and ethical bank, we have seen phenomenal growth in our business and in the level of satisfaction with our services among our customers," said Mohammad Al Shaibani, Dubai Bank's chairman.