Dubai's DIB in talks for 40% stake in Indonesian lender

Dubai Islamic Bank, the emirate's largest sharia-compliant lender, also posts doubling of Q1 net profit

Dubai Islamic Bank (DIB), the largest sharia-compliant lender in the emirate, is in talks with an Islamic bank in Indonesia to take a 40 percent stake, DIB's chief executive said on Thursday.

Adnan Chilwan told reporters that DIB hoped to conclude a deal before the end of the year and that it would pay for the purchase using its own cash reserves.

He declined to name the acquisition target.

Dubai Islamic Bank earlier posted a doubling in first-quarter net profit on Thursday.

The bank made AED636.6 million ($173.3 million) in the opening three months of the year, it said in a statement to the stock exchange. This was up from AED301.7 million in the corresponding period of 2013.

The average forecast of four analysts polled by Reuters was for a net profit in the period of AED506.1 million.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
GCC economies must live up to their potential to thrive: PwC chairman

GCC economies must live up to their potential to thrive: PwC chairman

No matter how much revenue VAT generates, it does not negate...

Analysis: Winning the battle against the Gulf's dirty laundry

Analysis: Winning the battle against the Gulf's dirty laundry

With its strategic trading position, it is little surprise the...

1
UAE banking merger could be just the start

UAE banking merger could be just the start

First Gulf Bank and National Bank of Abu Dhabi has created the...

Most Discussed
sponsoredTracking