Islamic mortgage lender Tamweel posted a 33 percent drop in second-quarter profit on Wednesday as revenue fell and costs rose, the Dubai-based firm's second straight quarterly profit fall.
Tamweel, majority owned by Dubai Islamic Bank, made a net profit of 18.6 million dirhams ($5.1 million) in the three months to June 30, down from 27.7 million dirhams in the prior-year period. The firm's first-quarter profit also fell.
Quarterly revenue dropped slightly to 136.9 million dirhams, from 141.6 million dirhams a year earlier, while "depositors' share of profit" - sales costs - rose 8.7 percent to 88.9 million dirhams.
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