Dubai Islamic Bank sees Q2 profits jump 35%

DUBAI, July 29 – One of the UAE’s biggest shariah-compliant lenders, Dubai Islamic Bank (DIB), has announced a 35% rise in its Q2 net profit.

Speaking about the bank’s fruitful quarter, His Excellency Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank, said: “DIB’s robust first half results demonstrate the bank’s ability to successfully tap the emerging opportunities across the growing local and international markets providing optimal returns for its shareholders.

“The growth strategy that we have embarked on last year ensures that a strong performance is sustained on the back of improved macro-economic conditions within the country as well as the external markets we operate in.

As a consequence of the announcement shares of the bank rose 2.9%, the largest advance since 16 April, before closing at 2.1%. DIB said in a statement to the Dubai stock market about 11 million shares traded, more than twice the daily average for the past three months. DIB’s net income jumped to 902 million dirhams (US$246 million) for the period ended 30 June. Shares have gained 6.7% during this July.

Loan growth at DIB has outpaced the national average in the UAE, spurring its Islamic bonds and helping its shares to outperform the DFM General Index over the past 12 months.