Dubai Islamic Bank (DIB) has reported profits up by 113 per cent for the first half of 2007.

During this period, net profit rose to Dh1.5 billion ($400 million), Dh707 million for the corresponding period in 2006. The total profit for in the first half of 2007, including depositors’ profits, stood at Dh2.9 billion, an increase of 101% compared to Dh1.4 billion for the corresponding period in 2006.

Customer deposits showed strong growth of 57 per cent, reaching Dh59.7 billion at the end of June 2007, compared to Dh38.1 billion by end of June 2006. The bank’s total assets increased by 51 per cent to Dh75.5 billion, compared to Dh49.9 billion by the end of first half 2006.

Financing activities increased 62 per cent to Dh45.37 billion, compared to Dh 27.95 billion in the same period of 2006. Profits for the first half of 2007 include exceptional profits amounting Dh617 million from a bank subsidiary.

Dr Mohammed Khalfan bin Khirbash, UAE Minister of State for Finance and Industry and chairman of DIB, said: “The bank’s impressive performance during the first half of this year reflects the success of our strategy to diversify our products and services to meet the growing demands of the market. This success is due to the high growth of our core banking services across all business units, such as retail, corporate, real estate and investment banking, supported by an expansion plan in the local, regional and international markets.”