Dubai Islamic Bank Q3 profit up 55%

Dubai Islamic Bank (DIB), the UAE-based Sharia-compliant lender, posted a 55.7 per cent increase in third-quarter net profit on Wednesday, beating analysts' forecasts.

The bank made Dh676.8 million ($184.3 million) of net profit attributable to the owners of the bank in the three months to September 30, it said in a statement to the Dubai bourse, up from Dh434.8 million in the corresponding period of 2013.

The average forecast of four analysts polled by Reuters was for a net profit in the period of Dh659.5 million.