The bank made 1.30 billion dirhams ($354 million) in the three months to Dec 31, Reuters calculated from financial statements in the absence of a quarterly breakdown. This compares with a profit of 1.13 billion dirhams in the corresponding period of 2017.
The average forecast of three analysts was for DIB to make a quarterly profit of 1.22 billion dirhams, according to Refinitiv data. The bank said its board had approved the issue of senior Sukuk or similar instruments for an amount up to $5 billion at any time, as well as the issue of Additional Tier 1 Sukuk up to $1 billion and Tier 2 Sukuk up to $1 billion. The bank this month raised $750 million in Tier 1 Sukuk, offering a 6.25 percent yield.