DUBAI: Dubai Islamic Bank (DIB) has dealt with much of its balance sheet weakness and should see profits for 2013 grow in the high double digits, allowing it to eye acquisitions in new markets in Asia, officials said yesterday.
Leaders at the world’s oldest Shariah-compliant lender said that it had put aside around Dh5bn ($1.36bn) against the sort of soured property loans and transactions which drew into question Dubai’s future as a financial hub in 2009.
Chief Executive Abdulla Al Hamli said the bank was now anxious to expand but was being held back in part by the unrest dominating the Middle East.
His deputy Adnan Chilwan said the bank expects to see close to 17 percent growth in net profit this year after spending the last five years cleaning its books and strengthening its core banking operations. “I can confidently say that Dubai Islamic Bank has nothing to hide. We are very strong, clean and ready for the next growth phase,” Al Hamli said yesterday. Reuters
