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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.
Times of Oman
Dubai Islamic Bank (DIB) has partnered with Emirates Skywards to launch new credit eards tailored specifically to offer exceptional value to the country’s growing community of frequent flyers.
Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has donated Dh15 million ($4.08 million) of Zakat money to Sharjah Charity International, said a report.
Abdul Razzaq Al Abdu
Dubai Islamic Bank said on Sunday its Dh1.64 billion rights issue will be priced at Dh3.11, about 74 per cent lower than the market price. The rights issue will increase the bank’s capital to Dh6.589
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