Dubai Islamic Bank, the largest Shariah-compliant asset lender in the United Arab Emirates, reported second-quarter net income as earnings increased and loan loss reserves declined during the UAE’s ongoing economic recovery.
Reported a 33% increase. Allowance for doubtful accounts fell by nearly 29% between April and June.
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 revenue for the period April-June Increased by more than 8% on an annual basis to 3.25 billion dirhams . According to lenders non-performing loan reserve fell by nearly 29% during this period to 530 million dirhams.
