July 18, 2018 / 8:10 AM / 3 months ago

MIDEAST STOCKS-Banks' strong earnings boost Dubai, other markets mixed

RIYADH, July 18 (Reuters) - The Dubai stock market rose on Wednesday morning after the emirate's largest bank, Emirates NBD , and Dubai Islamic Bank, the United Arab Emirates' largest sharia-compliant lender, both reported strong quarterly earnings.

Trading in other markets was mixed.

The Dubai index climbed 0.3 percent, boosted by a 1 percent rise in the shares of Emirates NBD after the bank announced a 30 percent increase in second-quarter net profit.

Boosted by a climb in net interest income and a drop in provisions to cover bad loans, the bank made a net profit of 2.63 billion dirhams ($716.1 million) in the three months to June 30, compared with 2.02 billion dirhams in the corresponding period of 2017.

Dubai Islamic Bank added 0.2 percent after it posted a 14.6 percent increase in second-quarter net profit on Wednesday as income from Islamic financing and investment grew.

Property developer Emaar rose 0.6 percent while Damac Properties fell 0.5 percent.

In Saudi Arabia, the index was flat as investors hold on creating new positions until companies announce second quarter results.

National Commercial Bank rose 0.3 percent and petrochemical giant SABIC added 0.2 percent.

The Abu Dhabi index lost 0.4 percent amid muted trading on a handful of shares.

First Abu Dhabi Bank lost 0.8 percent and property developer Aldar lost 0.5 percent.

In Qatar, the main index was flat with Industries Qatar falling 1.1 percent.

Masraf Al Rayan was down 0.5 percent, shedding some of its 1.3 percent gains recorded on Tuesday after it posted a 4.5 percent year-on-year increase in quarterly profit.

Qatar Islamic Bank jumped 1.4 percent.

Reporting by Marwa Rashad Editing by Raissa Kasolowsky

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