Dubai Islamic Bank posts 10.5% rise in Q3 net profit

Dubai Islamic Bank, the Gulf Arab emirate's third-largest bank by market value, reported on Saturday a 10.5 percent rise in third-quarter net profit, beating analyst expectations. DIB made a profit of AED298m ($81.1m) in the three months ended September 30, up from a profit of AED269.58m in the comparable period one year earlier. The lender beat analysts expectations. Two analysts polled by Reuters had estimated third-quarter profit of AED247m and AED283m. Provisions for impairment increased to AED216.8m in the third quarter. Total assets rose 3.7 percent to AED93.5bn, while customer deposits climbed 8.2 percent to AED68.6bn in the quarter.