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Tuesday, 24 November 2009 18:07 UAE time

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Dubai Islamic Bank Q2 net profit falls 40%, beats forecasts

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 25 July 2009
(Getty Images)
(Getty Images)

Dubai Islamic Bank posted a net profit of AED450m ($122.5m) in the second quarter, down 40 percent from a year earlier but beating forecasts.

The bank said in a statement that half-year profit stood at 820 million dirhams.

Analysts surveyed by Reuters had forecast earlier this month that the bank's second-quarter profit would fall between 53 and nearly 67 percent.

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The bank said it took a provision of AED135m in the second-quarter.

"The bank's total impairment provision for first half of 2009 now stands at 239 million dirhams. This reflects a prudent and conservative approach during a period of marked global financial instability," the statement said. (Reuters)

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