Tamweel Q2 profit rises 40pc
Dubai, July 18, 2013
Dubai mortgage lender Tamweel reported a 40 percent rise in second-quarter profit on Thursday.
Tamweel, which is due to delist from the Dubai Financial Market to allow parent company Dubai Islamic Bank to take full ownership, made a profit of 26.08 million dirhams ($7.1 million) in the three months to June 30.
This compares with a profit of 18.57 million dirhams a year ago, according to a bourse statement. EFG Hermes had forecast Tamweel would make a quarterly profit of 38 million dirhams in the quarter. – Reuters