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Dubai Islamic Bank’s Q3 net profit jumps 20pc

Dubai Islamic Bank’s Q3 net profit jumps 20pc

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DUBAI: Dubai Islamic Bank, the UAE’s biggest Sharia-compliant lender by assets, reported a 20 per cent jump in its third-quarter net profit, driven by a strong economic recovery in the local economy.

Net profit attributable to owners of the bank for the three-month period to the end of September rose to more than Dh1.2 billion ($329 million), the lender said in a statement on Wednesday to the Dubai Financial Market, where its shares are traded, report agencies.

The bank’s profit in the period was fuelled by a 83 per cent jump in income from property held for development and sale, as well as a 325 per cent surge in income from its investment property portfolio. Operating expenses narrowed 5.4 per cent to Dh627.6m during the period due to cost-control procedures put in place. Impairment charges during the period rose 27 per cent to Dh675m.