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Sat 29 Oct 2011 12:51 PM

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Dubai Islamic Bank posts 10.5% rise in Q3 net profit

Gulf emirate's third largest lender beats analyst forecasts with net profit of $81.1m

Dubai Islamic Bank posts 10.5% rise in Q3 net profit
Dubai Islamic Bank

Dubai Islamic Bank, the Gulf Arab emirate's
third-largest bank by market value, reported on Saturday a 10.5
percent rise in third-quarter net profit, beating analyst
expectations.

DIB made a profit of AED298m ($81.1m) in the three months
ended September 30, up from a profit of AED269.58m in
the comparable period one year earlier.

The lender beat analysts expectations. Two analysts polled
by Reuters had estimated third-quarter profit of AED247m and
AED283m.

Provisions for impairment increased to AED216.8m
in the third quarter.

Total assets rose 3.7 percent to AED93.5bn, while
customer deposits climbed 8.2 percent to AED68.6bn in
the quarter.

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