Dubai Islamic Bank Q4 net profit rises 58%

Bank made $373 million in the three months to December. 31
Dubai Islamic Bank Q4 net profit rises 58%
Dubai Islamic Bank (DIB), the UAEs largest sharia-compliant lender, posted a 58.4 percent increase in fourth-quarter net profit on Wednesday,\n(Getty Images)
By Reuters
Wed 25 Jan 2017 12:37 PM

Dubai Islamic Bank (DIB), the UAE's largest sharia-compliant lender, posted a 58.4 percent increase in fourth-quarter net profit on Wednesday, beating analysts' forecasts by a considerable margin.

The bank made 1.37 billion dirhams ($373 million) in the three months to Dec. 31, according to Reuters calculations. This compares with a profit of 864.7 million dirhams in the corresponding period of 2015.

The average forecast of three analysts polled by Reuters was for DIB to make a quarterly profit of 850.4 million dirhams.

The bank did not provide a quarterly breakdown. Net profit for the year stood at 4.05 billion dirhams, the bank said, against 3.56 billion dirhams a year earlier.

DIB also said its board proposed a 45 per cent cash dividend to shareholders for the year.

Its board adopted resolutions to increase the bank's Tier 1 issued capital by $1 billion, and to issue senior or subordinated sukuk for an amount not exceeding $5 billion.

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