Islamic mortgage provider Tamweel posted a 33 per cent drop in second-quarter profit on Wednesday as revenue fell and costs rose.
Tamweel, majority owned by Dubai Islamic Bank, made a net profit of Dh18.6 million in the three months to June 30, down from 27.7 million dirhams in the prior-year period. The firm's first-quarter profit also fell.
Quarterly revenue dropped slightly to Dh136.9 million, from Dh141.6 million a year earlier, while "depositors' share of profit" - sales costs - rose 8.7 per cent to Dh88.9 million.
Tamweel had cash and cash equivalents worth Dh564 million as of June 30, up from Dh187.5 million at the end of 2011.