Dubai Islamic Bank second quarter profit rises 14.6%

Business Wednesday 18/July/2018 14:04 PM
By: Times News Service
Dubai Islamic Bank second quarter profit rises 14.6%

Dubai: Dubai Islamic Bank (DIB), the United Arab Emirates' largest sharia-compliant lender, posted a 14.6 per cent increase in second-quarter net profit on Wednesday as income from Islamic financing and investment grew.
It is the third Dubai-based bank to report double-digit profit growth for the quarter after Commercial Bank of Dubai and Emirates NBD, Dubai's largest lender, which posted a 30 per cent rise in net profit on Wednesday.
DIB made Dh1.21 billion ($329.5 million) in the three months to June 30, it said, up from Dh1.06 billion a year earlier.
SICO Bahrain had forecast the bank would make a quarterly profit of Dh1.12 billion.
Earnings were lifted by a 21.6 per cent increase in net income from Islamic financing and investment transactions and a 12.7 per cent rise in income from fees, commissions and foreign exchange.
That helped offset a 20 per cent rise in impairment charges to Dh223.8 million.