- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:26 05:44 12:20 15:47 18:50 20:08
Islamic mortgage lender Tamweel , whose shares resumed trading in May after being suspended since 2008, posted a five-fold increase in second-quarter net profit helped by a sharp decline in impairment provisions.
Tamweel, which is majority-owned by Dubai Islamic Bank, reported second-quarter net profit of Dh27.7 million ($7.54 million) compared with Dh5.4 million for the year-ago period.
Impairment provisions for the quarter fell to Dh13.5 million compared with Dh40 million a year earlier, Tamweel said in a statement to the bourse.
Dubai Islamic Bank raised its stake in Tamweel to 57.33 per cent last September, effectively rendering the mortgage lender a subsidiary of the bank.
Tamweel shares closed 0.9 percent higher on the Dubai bourse prior to the release of the results.
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