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

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
5.27
0.0 0.0 (%)
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
Saudi riyal peg pressure eases, but not gone

Saudi riyal peg pressure eases, but not gone

Volatile energy swings mean the currency remains vulnerable,...

The Gulf's sovereign dilemma

The Gulf's sovereign dilemma

With oil prices still faltering around their lowest level in...

Gulf's bond market thaws as panic over oil fades

Gulf's bond market thaws as panic over oil fades

Improved sentiment seen in the response to a $500m, five-year...

Most Popular
Most Discussed
sponsoredTracking