Dubai Islamic Bank profit rises

Dubai Islamic Bank (DIB) reported on Saturday a 10 percent increase in second-quarter net profit, beating analyst estimates, as a total revenue rise outweighed higher provisions. The lender made a net profit of 331 million dirhams ($90.1) in the three months to end-June, up from 301 million dirhams a year earlier, it said in a statement. The earnings jumped nearly 50 percent from the previous quarter.
Two analysts polled by Reuters had estimated a decline in second-quarter profit to between 193 million and 208 million dirhams. Half-year earnings grew 10 percent to 552 million dirhams, the statement said. Total half-year revenue rose 20 percent to 1.8 billion dirhams, while it grew 13 percent in the second quarter. Provisions for impairment increased 43.8 percent to 210 million dirhams in the second quarter.