DIB
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