Dubai Islamic Bank (DIB) posted a 62 percent drop in fourth-quarter net profit from a year earlier, Reuters calculated, as the lender beat analyst estimates.
In a statement, DIB reported a full-year profit of Dh806m, down from a net profit of Dh1.21bn in 2009. It said provisions amounted to Dh864m in 2010.
The bank, Dubai’s third-largest bank by market value, made a net profit of Dh33.2m ($9.04m) for the three months to December 31, according to Reuters calculations, compared to a Dh86.55m profit for the fourth quarter of 2009.
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