Ahlul Bayt News Agency (ABNA.ir), Dubai Islamic Bank posted a net profit of 301 million dirhams ($81.9 million) for the second quarter of 2010, down 33 percent from the same period of last year, a statement said on Sunday.
DIB, the largest Islamic lender in UAE, had netted 450 million dirhams ($122.5 million) in the second quarter of 2009, Trade Arabia reported.
“Despite conservative financing and provisioning policy, the retail and corporate banking division has registered positive growth,” the bank’s chairman, Mohammed Ibrahim Al-Shaibani, said in the statement posted on the Dubai Financial Market’s website.
DIB’s net profits for the first half of 2010 were 502 million dirhams ($136.6 million), down from 820 million dirhams ($223.2) for the same period in 2009, according to the statement.
Its total assets stood at 83.8 billion dirhams ($22.8 billion) as of June 30, 2010, down from 87.8 billion dirhams ($23.9 billion) in 2009.
Established in 1975, DIB is the oldest Islamic bank in UAE.
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