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DIB posts 66.2% jump in Q4 profit

By Reuters

Dubai Islamic Bank (DIB), the largest Shariah-compliant lender in the emirate, posted a 66.2 per cent jump in its fourth-quarter net profit, Reuters calculations show.

Beating analysts' forecasts, the bank made Dh518 million ($141 million) in the three months to December 31, up from Dh311.7 million in the corresponding period last year.

The average forecast of three analysts polled by Reuters was for a net profit in the period of Dh412.3 million.

The calculation was based on previous financial statements. DIB said on Wednesday its net profit for the full year increased 42 per cent, hitting Dh1.72 billion against Dh1.21 billion in 2012.

DIB also said in the bourse filing that it was proposing a cash dividend of Dh0.25 dirhams per share for 2013. This is higher than the Dh0.15 per share paid for 2012.