Dubai Islamic Bank Rises Most In 3 Months On Second-Quarter Net #Dubai - Dubai City Guide
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Dubai Islamic Bank Rises Most In 3 Months On Second-Quarter Net
(29 July 2015)


Dubai Islamic Bank PJSC, the biggest Shariah-compliant lender in the United Arab Emirates, rallied the most since April after posting a 35 percent increase in second-quarter profit.

Shares of the bank rose 2.9 percent, the largest advance since April 16, before closing at 2.1 percent on Wednesday. About 11 million shares traded, more than twice the daily average for the past three months. Dubai Islamic Bank’s net income jumped to 902 million dirhams ($246 million) for the period ended June 30, the bank said in a statement to the Dubai stock market. Shares have gained 6.7 percent in July.

“There has been some additional buying interest ahead of the number so we’re partially priced in, but there is still room for further upside,” Julian Bruce, the head of institutional trading at EFG-Hermes U.A.E. Ltd. in Dubai, said by phone. “I would expect little downside from here and the stock will continue outperforming.”

Loan growth at Dubai Islamic Bank has outpaced the national average in the U.A.E., spurring its Islamic bonds and helping its shares to outperform the DFM General Index in the past 12 months. The government-backed lender, which has the biggest weighting on Dubai’s benchmark stock gauge after Emaar Properties PJSC, beat the average of five analyst estimates for a profit of 724.8 million dirhams.

The DFM General Index climbed 0.5 percent today, paring its decline in the past 12 months to 15 percent. Dubai Islamic Bank shares have lost 5.9 percent in the period.

“DIB has shown stronger balance sheet momentum than expected, also improving cost management and credit quality,” Sanyalak Manibhandu, the head of research at NBAD Securities LLC in Abu Dhabi, said by e-mail after the company’s analyst call on Wednesday. “An impressive combination, particularly given some misses from other banks.”

Manibhandu expects the Shariah-compliant lender to make 3.84 billion dirhams in net profit for the full year.

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