Dubai mortgage lender Tamweel reported a 40% rise in second-quarter profit yesterday. 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 Dh26.08mn ($7.1mn) in the three months to June 30. This compares with a profit of Dh18.57mn a year ago, according to a bourse statement. EFG Hermes had forecast Tamweel would make a quarterly profit of Dh 38mn in the quarter.
Dar Al Arkan
Saudi Arabia’s Dar Al Arkan Real Estate Development Co missed the average view of analysts when it reported a 68.7% drop in second-quarter net profit yesterday, citing lower properties sales.
The developer made a net profit of 103.7mn riyals ($27.7mn) for the three months to June 30, compared to 331mn riyals in the corresponding period of 2012, it said in a bourse filing.
The property sales decline followed a boost in the second quarter of 2012 from the sale of a land parcel to Saudi Basic Industries Corp, the statement said.
Its second-quarter net profit widely missed the average forecast of six analysts polled by Reuters, who expected 256.1mn riyals for the period.
National Bank of Oman
National Bank of Oman, the sultanate’s fourth-largest lender by market capitalisation, posted a near-flat second quarter net profit, Reuters calculated, beating analyst estimates.
The lender made a second-quarter net profit of rial Omani 10.17mn ($26.4mn) compared with RO10.3mn in the corresponding period in 2012.
Net profit for the first half of the year was RO18.77mn compared with RO19.92mn in the prior year period, NBO said in a statement on Oman’s bourse.
Five analysts polled by Reuters had on average expected the bank to post a net profit of RO9.53mn for the second quarter.
