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Tamweel Falls Most in More Than a Month After Profit Drops

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July 11 (Bloomberg) -- Tamweel fell the most in more than month after the Dubai-based mortgage lender reported a 33 percent drop in second-quarter profit.

The shares lost 3.1 percent, the most since June 4, to 1.24 dirhams at 10:07 a.m. in Dubai. The benchmark Dubai Financial Market General Index declined 0.3 percent.

Net income fell to 18.6 million dirhams ($5 million) from 27.7 million dirhams a year earlier as income from Islamic financing declined, the company said. EFG-Hermes Holding SAE estimated a profit of 36 million dirhams, according to data compiled by Bloomberg.

Tamweel said on July 4 that it won’t proceed with the sale of residential mortgage-backed bonds “at this time based on market feedback.” The company had planned to raise $235 million from the sale of the floating-rate securities, which were rated a provisional Aa3 by Moody’s Investors Service, its fourth-highest investment grade.

Link to Company News:{TAMWEEL UH <Equity> CN <GO>}

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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