Dubai Islamic Bank PJSC reported a 33 percent drop in second-quarter profit as income from investments at the biggest Islamic lender in the United Arab Emirates declined.
Net income fell to 301.3 million dirhams ($82 million) from 450.3 million dirhams a year earlier, the bank said in a statement today. That beat the median estimate of five analysts for a profit of 217 million dirhams, according to estimates compiled by Bloomberg. The shares rose for the first time in more than a week, gaining 1.1 percent to 1.89 dirhams at 11:21 a.m. in Dubai.
“Despite conservative financing and provisioning policy, the retail and corporate banking division has registered positive growth,” Chairman Mohammed Ibrahim Al Shaibani said in the statement.
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