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Dubai Islamic Bank Q4 2014 Net Profit Rises 64.1%; Hikes Dividend

Dubai Islamic Bank Q4 2014 Net Profit Rises 64.1%; Hikes Dividend

The bank’s net profit for 2014 was Dhs2.8 billion.

Dubai Islamic Bank (DIB), the United Arab Emirates’ largest sharia-compliant lender, posted a 64.1 per cent increase in fourth-quarter net profit on Sunday.

The bank made Dhs850 million ($231.4 million) in the three months to Dec. 31, according to Reuters calculations, up from Dhs518 million in the corresponding period of 2013.

The bank did not provide a breakdown of its fourth quarter earnings, so Reuters calculated the figure based on the full year earnings figure.

EFG Hermes forecast a net profit in the period of Dhs719.3 million.

Net profit for 2014 was Dhs2.8 billion, DIB said in a statement. The bank previously reported net profit of Dhs1.72 billion for 2013.

The bank’s board proposed a Dhs0.4 cash dividend for 2014, it said in a separate bourse statement. This is up from Dhs0.25 in the year earlier period, according to Thomson Reuters data.

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