Dubai Islamic Bank (DIB), the United Arab Emirates’ largest Sharia-compliant lender, posted a 59.6 per cent jump in second-quarter net profit on Thursday, aided by higher fee and investment income.
Beating analysts’ forecasts, the bank made Dh667.5 million in the three months to June 30, it said in a bourse filing, up from Dh418.2m in the corresponding period of 2013.
The average forecast of four analysts polled by Reuters was for a net profit of Dh627.3m.
The result continues a positive earnings reporting season for banks in the UAE, whose profits have jumped in recent quarters because of a growing domestic economy and improved asset quality. At the end of last decade, corporate debt problems and a real estate market crash slashed banks’ profits.
Fellow Dubai lender Emirates NBD posted a 34.8 per cent increase in its second-quarter net profit on Thursday, while the majority of banks in Abu Dhabi recorded double-digit profit growth for the three months to June 30.
DIB’s earnings were boosted by a 34.5 per cent increase in income from commissions, fees and foreign exchange, as well as hikes in revenue generated from property and other investments.
The lender, which completed the purchase of a 24.9 per cent stake in Indonesian lender Bank Panin Syariah in June, was also aided by a 13.3 per cent year-on-year reduction in loan impairments, which dropped to Dh160.3m in the second quarter.
Customer deposits stood at Dh94.8 billion at the end of June, up 20 per cent on the end of 2013, while total loans were 18 per cent higher over the same timeframe at Dh66.1bn.
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Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
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