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Monday, 24 October 2016

Dubai Islamic Bank Q3 net profit falls 9.9 pct, meets estimates | Reuters

Dubai Islamic Bank Q3 net profit falls 9.9 pct, meets estimates | Reuters:

"Dubai Islamic Bank (DIB), the United Arab Emirates' largest sharia-compliant lender, on Monday posted a 9.9 percent drop in third-quarter net profit, in line with analysts' forecasts.

The bank made 876.3 million dirhams ($238.6 million) in the three months to Sept. 30, it said in a statement. This compares with a profit of 972.1 million dirhams in the corresponding period of 2015.

DIB's earnings growth had generally outperformed most of its local rivals in recent quarters, even as operating conditions across the UAE banking sector hardened because of rising credit costs and sluggish loan growth. But the latest results has brought that trend to a halt, at least for now.

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