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DIB in talks for Indonesian stake

dubai islamic bankDubai Islamic Bank (DIB) is in talks with an Islamic bank in Indonesia to take a 40 percent stake, DIB’s chief executive said on Thursday.

Adnan Chilwan told reporters that DIB hoped to conclude a deal before the end of the year and that it would pay for the purchase using its own cash reserves.

He declined to name the acquisition target but said its parent was a listed company.

Earlier in the day, the bank reported doubling of first-quarter net profit. The bank made 636.6 million dirhams ($173.3 million) in the opening three months of the year, it said in a statement to the stock exchange. This was up from 301.7 million dirhams in the corresponding period of 2013.

The average forecast of four analysts polled by Reuters was for a net profit in the period of 506.1 million dirhams.-Reuters