19/07/2018 08:07 AST

Dubai Islamic Bank (DIB), the United Arab Emirates' largest sharia-compliant lender, posted a 14.6 per cent increase in second-quarter net profit on Wednesday as income from Islamic financing and investment grew.

It is the third Dubai-based bank to report double-digit profit growth for the quarter after Commercial Bank of Dubai and Emirates NBD, Dubai's largest lender, which posted a 30 per cent rise in net profit on Wednesday.

DIB made Dh1.21 billion ($329.5 million) in the three months to June 30, it said, up from Dh1.06 billion a year earlier. SICO Bahrain had forecast the bank would make a quarterly profit of Dh1.12 billion.

Earnings were lifted by a 21.6 per cent increase in net income from Islamic financing and investment transactions and a 12.7 per cent rise in income from fees, commissions and foreign exchange. That helped offset a 20 per cent rise in impairment charges to Dh223.8 million.

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