Dubai Islamic Bank posts fall in profit
Rise in impairment charges and volatility in the financial market made the Dubai Islamic Bank PJSC to post fall in its full year net profit. The bank, which is the largest Islamic lender of the United Arab Emirates, said in a filing before the Dubai bourses, that its net income for the period stood at 1.2 billion dirhams.
The lender announced 57 percent increase in impairment provisions. The bank said in a statement, "This decline is primarily due to the conservative and prudent approach adopted by the bank."
Bloomberg data, prepared by subtracting nine-months earning from the full year profit, indicates that its fourth-quarter profit rose 79.1 million dirhams which was at 1.44 million dirhams in the corresponding period last year. Stocks of the bank closed at 2.44 dirhams jumping 12 per cent during the period.
Global financial crisis and the financial uncertainty due to slump in the real estate sector adversely impacted the margins of banks. UAE's biggest bank- Emirates NBD PJSC also posted 9 per cent decline in full-year income due to provisions made for bad loans.
National Bank of Abu Dhabi too posted 13 per cent decline in its net profit in the last quarter indicating the tough conditions faced by the lenders in the Gulf region.
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