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:

Market Performance

Dubai Islamic Bank - UAE
5.67
0.06 1.07 (%)
Join the Discussion

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

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Accounting meets religion in challenge for Islamic banks

Accounting meets religion in challenge for Islamic banks

Reconciling accounting standards and religious principles is...

Banking on reforms in Kuwait

Banking on reforms in Kuwait

As Kuwait stares down its first deficit in 20 years, the Gulf...

Saudis face dilemma between size and pricing in debut bond sale

Saudis face dilemma between size and pricing in debut bond sale

Riyadh is under pressure to maximise the size of its international...

Most Discussed
sponsoredTracking