DIB expands in Pakistan

Dubai Islamic Bank (DIB) has expanded its operations in Pakistan by opening 10 new branches and plans 30 additional branches next year to strengthen its global operations and capitalise on business opportunities in that country.

With the 10 new branches, DIB has strengthened its network to a total of 35 branches across 15 major cities in Pakistan.

The bank also announced its financial performance for the first nine months of 2009, posting a pre-tax profit of 280 million Pakistan rupees (Dh12.3 million), up 207.5 per cent compared to the same period last year.

Salim Raza, Governor of the State Bank of Pakistan, said: "Dubai Islamic Bank Pakistan has been playing a pioneering role in the industry since inception in 2006. The bank has shown impressive performance and has attained a leadership position by introducing several innovative products to the market."

DIB Chief Executive Officer in Pakistan MA Mannan said: "We are one of the few banks whose performance has been on an upward trend since 2008. The bank expects to post a profit on a full-year basis and will open an additional 30 new branches in 2010. At the same time, we are focused on innovation through our upcoming product offerings such as branchless banking and SMS banking."

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