Dubai Islamic Bank (DIB.DFM) posted a net profit of AED518mn in Q4 2013, up 66% YoY, and up 12% QoQ compared to a net profit of AED461mn in Q3 2013, beating market consensus of AED407mn by 27%, according to Mubasher Trade and Research. " The bank's YoY net profit increase was mainly due to lower provision charges by 59% YoY (-67% QoQ). According to management this decline was due to improvement in non performing exposures, as NPLs ratio was down to 11% in 2013 from 13% in 2012. On another note, the bank's BoD proposed a DPS of AED0.25 for 2013 (beating consensus DPS of AED0.18 by 41%), implying a dividend yield of 4.2%", Mubasher reported.; All Rights Reserved - Mubasher Info
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