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|18 July, 2018

Dubai Islamic Bank Q2 profit rises 14.6%

Dubai Islamic Bank made $329.5mln in the three months to June 30, it said

An investor (L) gestures to an electronic display board at the Dubai International Financial Market, March 24, 2010.

An investor (L) gestures to an electronic display board at the Dubai International Financial Market, March 24, 2010.

REUTERS/Mohammed Salem

DUBAI - Dubai Islamic Bank (DIB), the United Arab Emirates' largest sharia-compliant lender, posted a 14.6 percent increase in second-quarter net profit on Wednesday as income from Islamic financing and investment grew.

It is the third Dubai-based bank to report double-digit profit growth for the quarter after Commercial Bank of Dubai and Emirates NBD, Dubai's largest lender, which posted a 30 percent rise in net profit on Wednesday.

DIB made 1.21 billion dirhams ($329.5 million) in the three months to June 30, it said, up from 1.06 billion a year earlier.

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SICO Bahrain had forecast the bank would make a quarterly profit of 1.12 billion dirhams.

Earnings were lifted by a 21.6 percent increase in net income from Islamic financing and investment transactions and a 12.7 percent rise in income from fees, commissions and foreign exchange.

That helped offset a 20 percent rise in impairment charges to 223.8 million dirhams.

($1 = 3.6728 UAE dirham)

(Reporting by Tom Arnold; editing by Jason Neely) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))