By: Mahmoud Gamal
Dubai – Mubasher: Dubai Islamic Bank’s (DIB) stock rose 1.5% in Wednesday’s mid-session, backed by the higher-than-expected annual results.
The bank’s stock reached AED 6.20 by 12:00pm UAE time after generating AED 60.31 million from the exchange of 9.76 million shares.
DIB’s annual results beat analysts' expectations of AED 3.9 billion despite challenges that face the UAE banking sector, financial analyst Mahmoud Abu Zeid told Mubasher.
The bank’s net profits remained unchanged year-on-year at AED 1.04 billion ($283.09 million) in Q4-16, and rose 1% to AED 4.05 billion in 2016 from AED 3.84 billion in 2015.
DIB’s stock targets to reach AED 6.25, technical analyst Salman Al Khalaf added.
Translated by: Julian Nabil
