Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Download our Media Kit

 





Home / News / Company News
Company News
   

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.

Download the Dubai City Guide iPhone mobile app

DubaiCityGuide.com is owned and managed by Cyber Gear


  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     
 
email print
2074
 

Sponsored By : PressReleaseNetwork.com           Sponsored Opportunities

       
       
   
       

Daily Guide

 



Hotels hotels Check out Hotels in Dubai
Shopping shopping A complete Mall & Store Guide
Dining dining Eating out at the coolest spots
Sightseeing sightseeing Things to see & do
DCG Recommends dcg recommends Best of the best in Entertainment
News Alerts
News Alerts
Stay ahead with dubai news
dcg mobile
dcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Dubai Blog
Your space, your voice
sitemap
Sitemap
DCG at a glance