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Dubai Islamic Bank profit surges 59.6pc

Dubai, July 27, 2014

Dubai Islamic Bank (DIB), the UAEs' largest sharia-compliant lender, posted a 59.6 per cent jump in its second-quarter net profit, aided by higher fee and investment income.

Beating analysts' forecasts, the bank made 667.5 million dirhams ($181.8 million) in the three months to June 30, it said in a bourse filing, up from 418.2 million dirhams in the corresponding period of 2013.

The average forecast of four analysts polled by Reuters was for a net profit of 627.3 million dirhams.

DIB's earnings were boosted by a 34.5 per cent increase in income from commissions, fees and foreign exchange, as well as hikes in revenue generated from property and other investments.

The lender, which completed the purchase of a 24.9 per cent stake in Indonesian lender bank Panin Syariah in June, was also aided by a 13.3 per cent year-on-year reduction in loan impairments, which dropped to 160.3 million dirhams in the second quarter.

Customer deposits stood at 94.8 billion dirhams at the end of June, which is an increase of 20 per cent at the end of 2013, while total loans were 18 per cent higher over the same timeframe at 66.1 billion dirhams. - Reuters




Tags: Dubai | profit | Bank | Islamic |

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