Dubai – Mubasher: Dubai Islamic Bank’s (DIB) stock was down on Monday, despite reporting a 0.5% growth in profits for the third quarter of 2016.
The stock dropped 1.49% to AED 5.30 by 12:40pm UAE time, recording a five-session low. A total of 4.012 million shares were exchanged at a turnover of AED 21.3 million, through 133 transactions.
The Dubai-based bank reported a net profit of AED 1.006 billion in Q3-16, up from AED 1.001 billion in the same period in 2015.
As for the nine-month period ended 30 September 2016, DIB posted a net profit of AED 3.01 billion, a rise of 7.5% from AED 2.80 billion in the year-ago period.
UAE market analyst at CISI Waddah Al-Taha told Mubasher that the despite the year-on-year nine-month profit growth, DIB’s earnings per share (EPS) fell 10.9% to 49 fils per share from 55 fils a year ago due to the capital increase.
DIB’s EPS is expected to improve in Q4-16, Taha added in a comment on the bank’s financials.
