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Tamweel posts second quarterly profit plunge, down 33%

Dubai-based Tamweel has reported its second straight quarterly profit fall with a 33% drop in profit for the second quarter of this year, citing lower revenue and rising costs, Reuters has reported. The Islamic mortgage lender made a net profit of Dhs18.6m ($5.1m) in the three months to June 30, down from Dhs27.7m in the prior-year period. Quarterly revenue dropped slightly to Dhs136.9m from Dhs141.6m a year earlier, while 'depositors' share of profit,' or sales costs, rose 8.7% to Dhs88.9m. Cash and cash equivalents rose to Dhs564m as of June 30, compared with Dhs187.5m at the end of 2011.