Beating analyst expectations, Dubai Islamic Bank reports 10.5 percent in profits

Dubai Islamic Bank , the Gulf Arab emirate’s third-largest bank by market value, reported on Saturday a 10.5 percent rise in third-quarter net profit, beating analyst expectations.

DIB made a profit of 298 million dirhams in the three months ended Sept. 30, up from a profit of 269.58 million dirhams in the comparable period one year earlier.

The lender beat analysts expectations. Two analysts polled by Reuters had estimated third-quarter profit of 247 million and 283 million dirhams.

Provisions for impairment increased to 216.8 million dirhams in the third quarter.

Total assets rose 3.7 percent to 93.5 billion dirhams, while customer deposits climbed 8.2 percent to 68.6 billion dirhams in the quarter.