Tamweel net profit drops 46.5% in Q3 2012

Wed, Oct 24 - 2012

Dubai-based mortgage lender Tamweel has said its third-quarter profit dropped 46.5%, missing analysts' forecasts after being hit by higher provisions and funding costs, Reuters has reported. Tamweel, majority owned by Dubai Islamic Bank, made net profit of Dhs8.4m ($2.3m) in the three months to September 30, compared with Dhs15.7m in the prior-year period. Arqaam Capital and EFG Hermes forecast the Islamic mortgage provider to post a third-quarter profit of Dhs22m and Dhs23m, respectively. Net profit for the first nine months of the year stood at Dhs45m, compared with a Dhs71m profit in the corresponding period of 2011, Tamweel said.

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