By: Bedour El Raie
Dubai – Mubasher: Dubai Islamic Bank’s (DIB) stock gained on Tuesday, on the back of its announcement of a year-on-year growth in its profits for the first quarter of 2017.
By 12:30pm UAE time, DIB increased 0.52% to AED 5.780. Turnover on the stock reached AED 6.51 million after 1.12 million shares changed hands through 62 transactions.
Earlier on Tuesday, DIB reported AED 1.042 billion in profits for Q1-17, up 4% year-on-year.
Commenting on DIB’s results, Fady El Ghattis, CEO of Topsy Turvy Investments, noted that on a quarter-on-quarter comparison, the bank’s profits remain unchanged, and revenues are up by only 1%.
The other revenues section in the bank’s financials, however, shows a 423% jump, he told Mubasher.
DIB’s financial statements also indicate a 17% rise in financing revenues in Q1-17 from the year-ago period, while cost of revenues grew 39% on the year, bringing net revenues from financing after deducting the cost to register a 9% increase, El Ghattis said.
He added that provisions grew 44% in Q1-17 from the same period in 2016.
Translated by: Nada Adel Sobhi
