Dubai – Mubasher: Dubai Islamic Bank (DIB) is expected to register higher profits during fiscal year 2017, according to a recent report issued by U Capital.
“The recent performance of the bank indicates better-than-expected growth rates,” U Capital said.
U Capital has maintained its recommendation of “Buy” on the DIB’s stock, with the blended Target Price (TP) increased to AED 7.60 per share from the previous TP of AED 6.10.
U Capital expects the bank’s earnings to increase by 7% in fiscal year 2017 to AED 4.35 billion from AED 4.05 billion in FY16.
The bank’s fair value (FV) is forecast to grow by 22% to AED 7.6 compared to the current FV of AED 6.22.
During the first nine months of 2017, DIB’s profits increased by 10% to stand at AED 3.3 billion when compared to AED 3.01 billion in the corresponding period in 2016.
