Bank made $246 million in the three months to June 30
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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.