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Sat 25 Jul 2009 11:24 AM

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

Dubai Islamic Bank posts a net profit of AED450m($122.5m) in the second quarter.

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.

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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