DUBAI: Dubai Islamic Bank has announced to list a quarter of its shares on the Karachi Stock Exchange in the first quarter of 2016.
Bank’s Chief Executive Junaid Ahmed, while talking to the Khaleej Times, said that the bank would benefit from a growing Pakistani economy and investment opportunities from large-scale government infrastructure projects, including a $46 billion project with China, dubbed the China-Pakistan Economic Corridor.
“We have recommended the management to float around 25 per cent share on the exchange as the market is moving in upward direction and it is right time to float the share,” he said.
DIB Pakistan held assets at the end of June worth Rs124.99 billion ($1.2 billion) and made profit after tax of Rs108.4 million in the second quarter of 2015, down 49 per cent year-on-year, according to the earnings statement on its website.
Junaid Ahmed, chief executive of DIB Pakistan, said the bank has established its strong presence in the country in past five years through its 175 branches and 50 branchless banking booths in 223 key locations of 55 major cities across Pakistan. “We are planning to reach over 250 locations in 60 cities by December 2015,” Ahmed told Khaleej Times in an interview during his recent visit to Dubai.
