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Wed 27 Jan 2016 01:39 PM

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Dubai Islamic Bank Q4 net profit rises 62%

The UAE's largest sharia-compliant lender made $313.1m in the three months to Dec 31

Dubai Islamic Bank Q4 net profit rises 62%

Dubai Islamic Bank (DIB), the UAE’s largest sharia-compliant lender, posted a 62.8 percent increase in fourth-quarter net profit on Wednesday, according to Reuters calculations.

The bank made 1.15 billion dirhams ($313.1 million) in the three months to Dec. 31, Reuters calculated based on its full-year earnings statement as it did not provide a quarterly breakdown.

This compares with a profit of 706.3 million dirhams in the corresponding period of 2014 and the forecast by an analyst at HSBC for the quarter of 915 million dirhams.

The bank said in a bourse filing its 2015 net profit rose to 3.84 billion dirhams, up 37 percent from the previous year.

The bank's board proposed a 0.45 dirhams cash dividend for 2015, subject to central bank approval, it added. This is up from 0.4 dirhams for the previous year.

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