Dubai Islamic Bank posts Dhs1.2bn net profits

Dubai Islamic Bank (DIB) has said its net profit for the full year of 2009 had dropped to Dhs1.2bn on increased provisions. DIB had raised provisions for impairment from Dhs520m in 2008 to Dhs818m in 2009. The lender's board of directors has proposed 20% in cash dividend of for 2009, which is subject to approval by the bank's upcoming annual general meeting. The bank has reported a customer base increase by 15% last year, reaching approximately to 900,000 customers.