Dubai Islamic Bank Q3 net profit flat

Dubai, November 4, 2012

Dubai Islamic Bank (DIB), the emirate's largest sharia-compliant lender, reported a flat third-quarter net profit on Sunday, beating analysts' forecasts.

The bank made Dh298.5 million ($81.3 million) in the three months to September 30, it said in a filing to the Dubai bourse. This compares with a profit of Dh298 million in the corresponding period last year.

Two analysts polled by Reuters forecast DIB would make a quarterly net profit of between 229 million and Dh296 million.

Quarterly profits were steady despite a 43 per cent jump in provisions, with impairments worth Dh309 million against Dh217 million in the same period a year ago.

"The performance of DIB in the third quarter of 2012 was notable for delivering strong results while continuing with its conservative approach to provisioning," Mohammed al-Shaibani, chairman of DIB, said in a separate statement.

Net profit for the first nine months of 2012 was also flat to the corresponding period of last year at Dh854 million versus Dh850 million.

The bank's shares didn't trade on Sunday but have risen 4.1 percent year-to-date, underperforming the Dubai bourse which has advanced 19.6 percent.- Reuters

Tags: | Dubai Islamic Bank | profit | Sharia | Third quarter |