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DIB stock up on higher-than-expected profits

DIB stock up on higher-than-expected profits
One of DIB's branches
DIB
DIB
0.17% 5.84 0.01

By: Mahmoud Gamal

Dubai – Mubasher: Dubai Islamic Bank’s (DIB) stock rose following the announcement of its first-half financials which bet expectations.

The stock rose 0.34% to AED 5.87 by 11:40 am UAE time.

The stocksaw trading of 2.84 million shares through 116 transactions, with a turnover of AED 16.76 million.

DIB saw a 10% growth in its net profits to AED 1.10 billion ($299.4 million) in Q2-17, compared to AED 1 billion ($272.2 million) in Q2-16.

The bank posted higher-than-expected net profits for Q2-17, according to Tariq Qaqish, the general asset manager at Mena Corp.

DIB is expected to generate AED 979 million on average in Q2-17, Qaqish said, adding that other revenues significantly rose 423%.

The stock is expected to attract strong purchases in 2017 and 2018, and to reach AED 1.5-1.8, Qaqish noted.

Translated by: Julian Nabil