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Dubai Islamic Bank Q2 profit rises 14.6%

Dubai Islamic Bank Q2 profit rises 14.6%

DIB is the third Dubai-based bank to report double-digit profit growth for the quarter

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.

Read: Dubai’s Emirates NBD sees Q2 profit surge 30%

DIB made Dhs1.21bn ($329.5m) in the three months to June 30, it said, up from Dhs1.06bn a year earlier.

SICO Bahrain had forecast the bank would make a quarterly profit of Dhs1.12bn.

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 Dhs223.8m.

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