Aug 01 2012
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CORRECTED-UPDATE 1-Dubai Islamic Bank Q2 profit down 6 pct, tops estimates
(Corrects year-ago profit and provisions comparison figures)
* Q2 net profit 310 mln dhs vs 331 mln dhs yr-ago
* Bank takes lower provisions, down 14.8 pct y-o-y
DUBAI, July 31 (Reuters) - Dubai Islamic Bank ( DIB ), the largest sharia-compliant lender in the emirate, reported a 6-percent decline in second-quarter net profit on Tuesday though the results still beat analysts' forecasts.
Two analysts polled by Reuters forecast net profit of 246 million dirhams and 267 million dirhams.
DIB's profit for the first half of the year increased marginally, hitting 555 million dirhams against 552 million dirhams in the first six months of 2011.
Impairments dropped 14.8 percent. Provisions stood at 241 million dirhams, down from 210 million dirhams last year.
Customer deposits stood at 68.3 billion dirhams at the end of June, up 5 percent from the 64.8 billion dirhams figure at December 31 2011.
DIB priced a five-year, $500 million Islamic bond, or sukuk, in May, the first time the bank tapped debt capital markets since 2007.
Ahead of the results, the bank's shares rose 1.1 percent on the Dubai bourse on Tuesday.
($1 = 3.6730 UAE dirhams)
(Reporting by David French; Editing by Amran Abocar)
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Keywords: EMIRATES DUBAIISLAMIC/RESULTS (CORRECTE
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