Dubai Islamic Bank Q4 net profit rises 62 per cent

Dubai Islamic Bank (DIB), the UAE’s largest sharia-compliant lender, posted a 62.8 per cent increase in fourth-quarter net profit on Wednesday, according to Reuters calculations.

The bank made Dh1.15 billion in the three months to December 31, Reuters calculated based on its full-year earnings statement as it did not provide a quarterly breakdown.

This compares with a profit of Dh706.3 million in the corresponding period of 2014 and the forecast by an analyst at HSBC for the quarter of Dh915m.

The bank said in a bourse filing its 2015 net profit rose to Dh3.84bn, up 37 per cent from the previous year.

The bank’s board proposed a 0.45 dirhams cash dividend for 2015, subject to central bank approval, it added. This is up from 0.4 dirhams for the previous year.

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