Tamweel Q2 profit rises 40%

Dubai mortgage lender Tamweel reported a 40 per cent rise in second-quarter profit on Thursday.

Tamweel, which is due to delist from the Dubai Financial Market to allow parent company Dubai Islamic Bank to take full ownership, made a profit of Dh26.08 million ($7.1 million) in the three months to June 30.

This compares with a profit of Dh18.57 million a year ago, according to a bourse statement.

EFG-Hermes had forecast Tamweel would make a quarterly profit of Dh38 million in the quarter.