Tamweel Q3 profit triples as impairments fall
Dubai, October 30, 2013
Dubai mortgage lender Tamweel on Wednesday said its third-quarter profit more than tripled from a year earlier due to lower provisions.
The company made a profit of 27.6 million dirhams ($7.51 million) for the three months to September 30, up from 8.6 million dirhams in the corresponding period of 2012, according to a statement to Dubai's bourse.
Two analysts forecast Tamweel's profit would be between 24 million and 27 million dirhams.
The company's quarterly operating income was 137.5 million dirhams, down from 146.3 million dirhams a year ago.
Tamweel's impairments and other provisions fell to 15.8 million dirhams in the third quarter. This compares with impairments of 24.8 million dirhams for the same period of last year.
Tamweel will delist from Dubai's bourse after parent firm Dubai Islamic Bank acquires all of its mortgage affiliate. - Reuters