KARACHI: Dubai Islamic Bank Pakistan Limited (DIBPL) has reported a record pre-tax profit of Rs316 million for the year ending December 31, 2011.
According to financial results of the bank approved by its board of directors in a recently held meeting and announced here on Thursday, deposits grew by 22.5% to Rs38.49 billion over last year.
Similarly, DIBPL's asset base surged by 20.8 % to Rs48.19 billion in 2011, while investments grew substantially by 117.6% over the year, taking total investments to Rs12.93 billion in the period under review compared to 2010.
DIBPL is a subsidiary of Dubai Islamic Bank UAE, the world's first Islamic Bank.
The year 2011 marked numerous achievements for DIBPL and the bank opened 39 new branches in a short span of time, taking the total branch network to 75 in 30 cities.
In addition, bank added over 20,000 more customers in its fold during 2011, taking the total clientele to over 75,000.
With short-term credit rating of "A-1" and long-term credit rating of "A", the bank continues to reaffirm its commitment to Pakistan with new branches and absolutely Halal and Shari'a compliant new products and services.
DIBPL intends to keep the momentum going for 2012 as well, aiming to take the branch network to surpass 100 branches along with opening 25 branchless banking booths. This would enable an overall footprint of 125 outlets for the bank nationwide. DIBPL continues to strive and expand its sphere of world class banking expertise in retail, corporate, SME and investment banking services across Pakistan.
DIBPL has had first-mover advantage in a variety of banking services such as BancaTakaful, branchless banking and cash management services.
DIBPL is currently one of the most active players in the consumer autos and home finance industry with the combined portfolio standing way above Rs 10 billion.
Copyright APP (Associated Press of Pakistan), 2012
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