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Dubai Islamic Bank has reported a flat third-quarter net profit, beating analysts’ forecasts, despite a big jump in provisioning.
The bank made AED 298.5 million ($ 81.3 million) in the three months to Sept. 30, it said in a filing to the Dubai bourse. This compares with a profit of AED 298 million in the corresponding period last year.
Two analysts polled by Reuters forecast DIB would make a quarterly net profit of 229 million and AED 296 million, respectively.
Quarterly profits were steady despite a 43 percent jump in provisions, with impairments worth AED 309 million against AED 217 millionin the same period a year ago, Reuters reported. “The performance of DIB in the third quarter of 2012 was notable for delivering strong results while continuing with its conservative approach to provisioning,” Mohammed Al-Shaibani, chairman of DIB, said in a separate statement.
Net profit for the first nine months of 2012 was also flat to the corresponding period of last year at AED 854 million versus AED 850 million.
The bank’s shares didn’t trade yesterday but have risen 4.1 percent year-to-date, underperforming the Dubai bourse which has advanced 19.6 percent.