Dubai Islamic Bank board backs examining possible deal for Noor Bank

23 أبريل 2019آخر تحديث : منذ 5 سنوات
Dubai Islamic Bank board backs examining possible deal for Noor Bank

640 - مجلة مال واعمال

Dubai Islamic Bank (DIB) on Tuesday said it had received approval from its board to explore the possible acquisition of unlisted Noor Bank.

The United Arab Emirates’ largest sharia-compliant lender also received approval to appoint financial advisers to conduct due diligence and valuation of Noor Bank, it said in a statement.

Dubai’s sovereign investment group, Investment Corp of Dubai (ICD) is a common shareholder in the two banks. ICD owns 28.37 percent of DIB and more than 22.7 percent of Noor Bank.

DIB, the world’s oldest Shariah-compliant lender, is in talks with shareholders of Dubai-based Noor Bank over a possible acquisition of the lender, three sources told Reuters this month.

In a statement on April 14, the bank said it regularly looks at opportunities to support expansion including acquisitions.

DIB also reported a first quarter net profit attributable to shareholders of 1.34 billion dirhams ($365 million), up 15 percent from 1.17 billion dirhams a year earlier.

Total income rose 26 percent to 3.4 billion dirhams.

Net financing and sukuk investments of 179.3 billion dirhams were up 2 percent from end-2018.

Total assets stood at 226.5 billion dirhams at the end of quarter, up 1.3 percent from end-2018. (Reporting By Stanley Carvalho; editing by Hadeel Al Sayegh and Jason Neely)

رابط مختصر

اترك تعليق

لن يتم نشر عنوان بريدك الإلكتروني.

شروط التعليق :

عدم الإساءة للكاتب أو للأشخاص أو للمقدسات أو مهاجمة الأديان أو الذات الالهية. والابتعاد عن التحريض الطائفي والعنصري والشتائم.