Friday, 1 April 2011 at 08:47, Reuters, Dubai
Dubai Islamic Bank, the Gulf Arab emirate's third-largest bank by market value, approved a 10 per cent dividend for 2010, it said in a statement following its annual general meeting on Thursday.
The assembly also approved the appointment of the new board of directors, with Mohammed Ibrahim Al Shaibani, Tariq Humaid Al Tayer, Khalid Ahmed Khalifa Al Suwaidi, and others.
"In prudently managing its operations over the past 12 months, Dubai Islamic Bank has delivered positive financial results, and we are pleased to be able to share this success with our shareholders," its chairman, Mohammed Ibrahim, Al Shaibani said in the statement.
"Dubai Islamic Bank is excellently placed as the global economy continues to improve, and we look forward to the ongoing support of our shareholders as we implement our strategy for growth."
The bank's 2010 financial results were also approved.
Earlier this month, DIB reported a full-year profit of Dh806 million, down from a net profit of Dh1.21 billion in 2009. It said provisions amounted to Dh864m in 2010.
In September, Dubai Islamic Bank raised its stake in troubled Islamic lender Tamweel to 57.33 per cent, effectively rendering the mortgage lender a subsidiary of the bank, in a move that was expected to help revive lending in Dubai's property market.
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