Jul 20 2011 |
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Dubai's Tamweel Posts Five-Fold Rise In 2Q Net Pft As Provisions Drop
Wednesday, Jul 20, 2011
(This item was originally published Tuesday.)
DUBAI (Zawya Dow Jones)--Dubai-based Islamic mortgage company Tamweel (TAMWEEL.DFM) Tuesday said second-quarter net profit rose more than fivefold to 27.7 million U.A.E. dirhams ($7.5 million), compared with a year ago, as it set aside less cash for impairment provisions.
Income from Islamic financing and investing assets declined to AED141.6 million in the three month period, from AED145.3 million a year ago, Tamweel said in a statement posted on the Dubai Financial Market website. Impairment provisions meanwhile fell to just AED13.5 million, from AED40 million in the same period in 2010.
Shares of Tamweel resumed trading in May having been suspended since November 2008 after it was revealed it was in talks to merge with industry peer Amlak Finance. After the merger failed to eventuate, Dubai Islamic Bank, or DIB, the United Arab Emirates' largest Islamic lender, in September last year raised its stake in Tamweel to 58.25% from 20.77% previously.
-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
20-07-11 0354GMT
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