Dubai Islamic Bank Q2 falls 40 pct, beats forecasts

Dubai Islamic Bank (DISB.DU) posted a net profit of 450 million dirhams ($122.5 million) in the second quarter, down 40 percent from a year earlier but beating forecasts.

The bank said in a statement that half-year profit stood at 820 million dirhams.

Analysts surveyed by Reuters had forecast earlier this month that the bank's second-quarter profit would fall between 53 and nearly 67 percent.

The bank said it took a provision of 135 million dirhams in the second-quarter.

"The bank's total impairment provision for first half of 2009 now stands at 239 million dirhams. This reflects a prudent and conservative approach during a period of marked global financial instability," the statement said.END