Dubai – Mubasher: Dubai Islamic Bank (DIB) reported its financials for the first quarter of 2015 and said it achieved a net profit growth of 34%, reaching AED 850.4 million ($231.5 million) compared to AED 636.6 million ($173.3 million) in the same period last year.

Earnings per share (EPS) rose to AED 0.18 during the quarter compared to AED 0.12 in Q1-14, the bank said in its filing to the Dubai Financial Market (DFM) on Wednesday.

Financial statements also showed a net operating revenue rise by 20% to AED 1.56 billion during the three-month period compared to AED 1.3 billion during the corresponding period in 2014.

“Our strong start to the year reflects DIB’s robust positioning as the bank looks to tap new sectors and segments”, said Abdulla Al-Hamli, DIB managing director, on Wednesday, adding that DIB’s continued focus on technology and infrastructure investments added to a renewed sales focus provide the bank with “an unparalleled competitive edge in the market”.

“Following the success of our SMART banking campaign last year, we are now seeing a strong outcome on our business performance”, he noted.

DIB previously reported a 63% surge in its annual profits, reaching AED 2.8 billion compared to AED 1.72 billion in 2013. The bank’s shareholders approved on 1 March a 40% cash dividend, amounting to 40 fils per share and totalling AED 1.58 billion.

DIB’s capital amounts to AED 3.95 billion divided on 3.95 billion shares at par value of AED 1 per share.