* * Board allows DIB to appoint financial advisors

* * DIB Q1 net profit 1.34 bln dhs vs 1.17 bln dhs year-ago

DUBAI, April 23 (Reuters) - Dubai Islamic Bank (DIB) DISB.DU on Tuesday said it had received approval from itsboard to explore the possible acquisition of unlisted Noor Bank.

The United Arab Emirates largest sharia-compliant lenderalso received approval to appoint financial advisers to conductdue diligence and valuation of Noor Bank, it said in astatement.

Dubais sovereign investment group, Investment Corp of Dubai(ICD) is a common shareholder in the two banks. ICD owns 28.37percent of DIB and more than 22.7 percent of Noor Bank.

DIB, the world's oldest Shariah-compliant lender, is intalks with shareholders of Dubai-based Noor Bank over a possibleacquisition of the lender, three sources told Reuters thismonth. urn:newsml:reuters.com:*:nL3N21Q235

In a statement on April 14, the bank said it regularly looksat opportunities to support expansion including acquisitions. urn:newsml:reuters.com:*:nFWN21V05U

DIB also reported a first quarter net profit attributable toshareholders of 1.34 billion dirhams ($365 million), up 15percent from 1.17 billion dirhams a year earlier.

Total income rose 26 percent to 3.4 billion dirhams.

Net financing and sukuk investments of 179.3 billion dirhamswere up 2 percent from end-2018.

Total assets stood at 226.5 billion dirhams at the end ofquarter, up 1.3 percent from end-2018.

(Reporting By Stanley Carvalho; editing by Hadeel Al Sayegh andJason Neely) ((stanley.carvalho@thomsonreuters.com; + 9712 6444431; ReutersMessaging: stanley.carvalho.thomsonreuters.com@reuters.net))