Dubai Islamic Bank’s (DIB) stock rose 2.13% on the Dubai Financial Market (DFM) with a market capitalisation of AED 1.54 billion during the first nine sessions in January, pushed up by positive expectations regarding the bank’s annual profits.
The stock’s turnover has reached AED 159 million during the nine sessions, which accounts for 7.5% of the DFM’s liquidity, according to Mubasher’s data.
DIB’s profits may reach an average of AED 925 million in the fourth quarter of 2017, up 1% from the year-ago period, while the annual profits could grow 5% to more than AED 3.8 billion.
The bank’s profits are expected to reach AED 920 million during the fourth quarter of 2017, encouraged by the increase in deposits and loans, Tariq Qaqish, managing director of asset management at MENACORP, told Mubasher.
DIB reduced the number of non-performing loans (NPLs) in the first nine months of 2017 while issuing sukuk to boost its growth and to make good use of the UAE’s low interest rates, Qaqish added.
The bank had listed $4.2 billion sukuk on Nasdaq Dubai in the first six months of the previous year, Mubasher unveiled.