Dubai’s Tamweel Q2 profit rises 40%

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 ArkanSaudi 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 OmanNational 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.