Dubai Islamic Bank, the emirate's biggest Sharia-compliant lender, reported a 14 per cent increase in second quarter net profit, beating analysts' forecast, thanks to higher core business income.
DIB's net profit attributable to equity owners in the three months to June 30 rose to Dh1.21 billion from the year-earlier period, it said on Wednesday in a statement to the Dubai Financial Market, where its shares are traded. It beat analysts' median estimate of Dh1.09bn, according to a Bloomberg poll. Total revenues for the quarter grew 15.7 per cent to Dh2.88bn.
This year "so far is panning out as planned with expansion across all businesses leading to core income growth as the key performance indicators remain aligned with the guidance," Adnan Chilwan, chief executive of DIB, said. "Efficiency buildup remains a focus area."
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The Islamic lender was one of the top picks in the Egyptian investment bank EFG-Hermes's second-quarter bank outlook because of a "favourable mix of growth, valuations and profitability". It estimated DIB profit for the quarter of Dh1.08bn.
"With international operations getting fully aligned with the DIB Group agenda, we expect the non-UAE contribution to increase over the years as we continue to spread our proven growth strategy across other markets," Mr Chilwan said.
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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Mr Al Qassimi is 37 and lives in Dubai
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
