Dubai Islamic Bank (DIB) Three of the leading U.A.E. banks, Dubai Islamic Bank (DIB), the Commercial Bank of Dubai (CBD) and the National Bank of Ras al Khaimah (RAK Bank) yesterday declared their annual reports for the year 2013, showing an increase in their profits during the year.
The Dubai-based DIB, the first Islamic Sharia-compliant bank in the world, reported a net profit increase of 42 percent to AED 1.72 billion compared to AED 1.21 billion for 2012 and the bank's net operating revenue for 2013 was up by seven percent to AED 4.23 billion compared to AED 3.94 billion for 2012.
Another Dubai-based bank, CBD, also declared an 18 percent growth in their profit to AED 1.01 billion in 2013 compared to AED 857 million reported in 2012 and the bank's operating income grew 9.4 percent to AED 2.03 billion in the same year.
The Ras al Khaimah-based RAK Bank declared a net profit of AED 1.43 billion for 2013 and reported a 9.6 percent year-on-year growth in net profit for the first nine months of the year. In 2013, total operating income of the bank increased by AED 257.2 million to AED 3.2 billion, showing an increase of 8.9 percent over 2012.
Source: WAM