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Dubai Islamic Bank Q4 net profit rises 26%

Dubai Islamic Bank Q4 net profit rises 26%

The bank is considering options including a rights issue and an issue of Islamic bonds

Dubai Islamic Bank (DIB), the United Arab Emirates’ largest sharia-compliant lender, posted a 26 per cent increase in fourth-quarter net profit on Wednesday, in line with analysts’ forecasts, according to Reuters calculations.

DIB made Dhs1.15bn ($313.1m) in the three months to December 31, Reuters calculated from annual statements in the absence of a quarterly breakdown. This compares with a profit of Dhs916.1m in the corresponding period of 2016.

The average forecast of three analysts polled by Reuters was for DIB to make a quarterly profit of Dhs1.06bn.

In an investor presentation, the bank said it was targeting loan growth of between 10 and 15 per cent in 2018, the same target it set for 2017. The bank’s loan growth reached 16 per cent in 2017, a level ahead of many of its competitors.

The bank is considering options including a rights issue and an issue of Islamic bonds, but any final decision on its plans will be subject to regulatory approvals, group chief executive Adnan Chilwan said on a conference call to discuss the results.

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