Dubai Islamic Bank's earnings, announced over the weekend, did little to convince analysts the lender is back to full speed.
The bank reported net income last year of Dh806 million, a 33 per cent decline on 2009, triggered by a drop in operating income and an increase in provisioning. Fourth-quarter net income reached Dh35m, which was almost 36 per cent below the consensus of analysts at Dh55m.
Jaap Meijer, a banking analyst at Alembic HC Securities, said the fourth-quarter numbers were an improvement over several flat quarters previously but not enough to warrant a re-rating on the shares. He holds a "neutral" rating on the stock.
No comments:
Post a Comment