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Wed 29 Jul 2015 12:19 PM

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Dubai Islamic Bank Q2 net profit jumps 35%

Bank made $246 million in the three months to June 30

Dubai Islamic Bank Q2 net profit jumps 35%

Dubai Islamic Bank (DIB), one of the UAE’s largest sharia-compliant lenders, posted a 35 percent rise in second-quarter net profit on Wednesday as loan impairments shrank.

Beating analysts' forecasts, the bank made 902 million dirhams ($246 million) in the three months to June 30, it said in a statement, up from 667.5 million dirhams in the corresponding period of 2014.

Four analysts polled by Reuters had on average forecast a net profit of 804 million dirhams.

The bank has benefited in recent quarters from a decline in impairment charges as the domestic economy strengthens. This trend continued in the second quarter as impairment losses fell 12.6 percent year-on-year to 140 million dirhams.

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