The lender, whose shares resumed trading in May after being suspended since 2008, posted a net profit of AED15.7 million ($4.2million) compared with AED7.3 million during the same period in 2010, the company said in a statement to the Dubai bourse.
Impairment provisions for the quarter fell to AED13.5 million compared with AED46.6 million for the year-ago period.
Tamweel’s income from Islamic financing and investing assets grew to AED136.6 million compared with AED129 million in the same period in 2010.
Tamweel, which is majority-owned by Dubai Islamic Bank, resumed mortgage lending earlier this year after discontinuing all lending following a property market collapse in Dubai.
Dubai Islamic Bank raised its stake in Tamweel to 57.33 percent last September, effectively rendering the mortgage lender a subsidiary of the bank.
The UAE government said in November 2008 it aimed to merge Tamweel and rival Amlak after the collapse of Dubai’s real estate sector pushed both Islamic lenders deep into the red.
That plan was effectively scrapped after the DIB deal with Tamweel and resolution for Amlak has yet to be announced.
Tamweel shares closed 0.9 percent higher on the Dubai bourse prior to the release of the results.
