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29 March 2024

Dubai Islamic Bank Q3 profit climbs

Published
By Reuters

Dubai Islamic Bank , the Gulf Arab emirate's third-largest bank by market value, reported on Saturday a 10.5 percent rise in third-quarter net profit, beating analyst expectations.     

DIB made a profit of Dh298 million in the three months ended September 30, up from a profit of Dh269.58 million in the comparable period one year earlier.      

The lender beat analysts expectations. Two analysts polled by Reuters had estimated third-quarter profit of 247 million and 283 million dirhams.      

Provisions for impairment increased to 216.8 million dirhams in the third quarter.     

Total assets rose 3.7 per cent to 93.5 billion dirhams, while customer deposits climbed 8.2 per cent to 68.6 billion dirhams in the quarter.