Dubai Islamic Bank posts 66.2 pct jump in Q4 net profit

DUBAI Wed Jan 29, 2014 3:29am EST

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DUBAI Jan 29 (Reuters) - Dubai Islamic Bank (DIB), the largest sharia-compliant lender in the emirate, posted a 66.2 percent jump in its fourth-quarter net profit, Reuters calculations show.

Beating analysts' forecasts, the bank made 518 million dirhams ($141 million) in the three months to Dec. 31, up from 311.7 million dirhams in the corresponding period last year.

The average forecast of three analysts polled by Reuters was for a net profit in the period of 412.3 million dirhams.

The calculation was based on previous financial statements. DIB said on Wednesday its net profit for the full year increased 42 percent, hitting 1.72 billion dirhams against 1.21 billion dirhams in 2012.

DIB also said in the bourse filing that it was proposing a cash dividend of 0.25 dirhams per share for 2013. This is higher than the 0.15 dirhams per share paid for 2012. ($1 = 3.6730 UAE dirhams) (Reporting by David French; Editing by Dinesh Nair)

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