Positive Outlook for Dubai Bank as Deposits and Profits Rise Again

Fadel Al Ali,  Chairman of Dubai Bank

Dubai: 27 October, 2008 - Dubai Bank, a Dubai Group company, today announced very strong financial results, reflecting the Bank’s dedication towards delivering excellent service and value for money to all their customers in the UAE.

The Bank’s 9-month unaudited financial results  for the period ending September 2008, showed customer deposits at the Bank up by 110% in September 2008 as compared to September 2007.

Chairman of Dubai Bank, Fadel Al Ali, believes the Bank is in a very strong position and is confident of continued growth into the future. He said,

Deposit growth is a key indicator of our customers’ confidence in our ability to manage their wealth in a professional and competent way. An increase of 110% in customer deposits over September 2007 is very encouraging.

In addition, profits at Dubai Bank over the same period have seen an increase of 131%, jumping from just under AED 125m to nearly AED 289m. We will continue to put our customers’ needs at the heart of everything we do, and I am confident we can achieve even better results in the months and years ahead,

concluded Mr. Al Ali.

Salaam Al Shaksy, CEO of Dubai Bank added that this growth is a tribute to the high standard of service delivered to each and every Dubai Bank customer:

We are taking decisive service quality initiatives to provide our customers with a unique banking experience. Our mission is to make every moment of interaction with our customers a ‘moment of truth’. That is to say, delivering our products and services with transparency, accountablilty and professionlism at all times.

This ‘Moment of Truth’ is something we want our customers to experience, throughout  every interaction they have with Dubai Bank. We hope they will recognise Dubai Bank as delivering the best customer experience, and this is always our aim.

Dubai Bank is also building a strong reputation as a leader for Corporate Social Responsibility  Programmes throughout the region. In the past year, the Bank has been involved in a series of projects including the sponsorship of the Beloveds' Forum initiative and the donation of numerous educational games and toys to the Sharjah Autism Centre.

According to Salaam Al Shaksy, product innovations at Dubai Bank are crucial to both retaining current customers and attracting new ones:

A recent development at Dubai Bank was ‘Mobile Banking’. This provides customers the ability to conduct almost all their transactions from their internet enabled mobile phone in a safe and secure manner, this product gives our busy upwardly mobile customers the ability to do their banking while they are on the go .

Currently, Dubai Bank enjoys an A3 rating with a positive outlook, from Moody's investor service.

Notes to Editors

About Dubai Bank

Dubai Bank is owned by Dubai Banking Group, the global Sharia’a compliant company of Dubai Group, a member of Dubai Holding. Since its launch in September 2002, Dubai Bank has challenged traditional banking practices by placing service, transparency and convenience at the forefront of its operations and introducing unique products and services to the market. On January 1, 2007, the Bank became a Sharia’a compliant financial institution, with a comprehensive range of Sharia’a compliant retail and investment banking products. In addition, all of the Bank's business activities are being carried out in a manner that ensures compliance with the standards of ethical banking that are currently followed by a number of banks around the globe.

For media queries, please contact:

Dubai Bank
Harsh Munjal
Chief Marketing Officer
Tel: +971 4 317 8500
Mob: +971 50 6603614
Email: harsh.munjal@dubaibank.ae