Dubai Islamic Bank Rises Most in 3 Months on Second-Quarter Net
This article is for subscribers only.
Dubai Islamic Bank PJSC, the biggest Shariah-compliant lender in the United Arab Emirates, rallied the most since April after posting a 35 percent increase in second-quarter profit.
Shares of the bank rose 2.9 percent, the largest advance since April 16, before closing at 2.1 percent on Wednesday. About 11 million shares traded, more than twice the daily average for the past three months. Dubai Islamic Bank’s net income jumped to 902 million dirhams ($246 million) for the period ended June 30, the bank said in a statement to the Dubai stock market. Shares have gained 6.7 percent in July.