DIB second-quarter net income climbs 33% on lower impairment charges and higher revenue – The National

DIB second-quarter net income climbs 33% on lower impairment charges and higher revenue – The National

Dubai Islamic Bank, the UAE's biggest Sharia-compliant lender by assets, reported a 33 per cent rise in second-quarter net income, as revenue rose and impairment charges for loan losses declined amid continued economic recovery in the UAE.

Net profit attributable to shareholders of the bank for the three months to the end of June climbed to Dh1.34 billion ($369 million), the lender said in a regulatory filing on Wednesday to the Dubai Financial Market, where its shares are traded.

Total income for April-June period climbed more than 8 per cent to Dh3.25bn on an annual basis. Provisions for bad loans during the reporting period fell almost 29 per cent to Dh530m, the lender said.