The Board of Directors of Dubai Islamic Bank Pakistan Limited (DIBPL) recently held a meeting to approve its financial statements for the year ended December 31, 2013. DIBPL is a fully owned subsidiary of Dubai Islamic Bank UAE, the world’s first Islamic Bank.
The Year 2013 marked numerous achievements for DIBPL. On the financial side, the Bank reported a year-end Profit Before Provisioning of PKR 668 Million and due to provisioning of PKR 456 Million against non-performing Islamic Financing assets the Bank now has a Profit Before Tax of PKR 211 Million. Furthermore, a 27% deposit growth was achieved in comparison to 2012, taking total deposits to PKR 68% Billion in 2013. On the asset side, DIBPL’s asset base rose by 26% in contrast to 2012 increasing the asset base to PKR 80 Billion in 2013. The Bank’s investments grew substantially by 17 % over the year, taking total investments to PKR 25 Billion.