Dubai Bank First-Quarter Net Income Quadruples on Islamic Loans

Dubai Bank, an Islamic bank 30 percent-owned by Emaar Properties PJSC, the Middle East's biggest publicly traded real estate developer, said first-quarter profit quadrupled on demand for Islamic loans.

Net income rose 131.5 million dirhams ($36 million) in the three months to March 31, from 32.9 million dirhams a year earlier, the Dubai-based bank said in an e-mailed statement today. Total assets grew 53 percent to 14.4 billion dirhams.