482 million dirhams, Emirates Islamic losses in 2020

Emirates Islamic Bank incurred a net loss of 482 million dirhams during the year 2020.

According to Al Khaleej newspaper, these losses came in light of low profit rates and declining unfunded income due to the economic slowdown and the high volume of impairment allocations.

The bank's total income was 2.1 billion dirhams, down by 22% compared to the same period the previous year.

funded income margins decreased by 52 basis points compared to the same period of the previous year due to declining profit rates.

The balance sheet of Emirates Islamic continues to maintain its healthy position backed by strong coverage of impairment provisions, good levels of liquidity and the capital adequacy ratio. The bank also continued to increase the amount of impairment allowances in light of an environment of economic challenges.

asset height

Total assets amounted to 70.6 billion dirhams, up 9% from the end of the year 2019. The financing and investment activities amounted to 40.8 billion dirhams, up 9% from the end of the year 2019.

Also, customer accounts amounting to 46.9 billion dirhams increased by 3% compared to the end of 2019. Current and saving account balances represent 69% of total customer deposits.

The financing to deposit ratio is 87%, reflecting a healthy liquidity position. The capital adequacy ratio is 18% and the capital adequacy ratio is 19.2%. The Impaired Financing Ratio was 9%, with a strong coverage ratio of 106.9%.

customer support

said Hisham Abdullah Al Qasim, Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD Group, In 2020, Emirates Islamic was able to play his role In support of clients and the national economy alike, by providing financial assistance and actively participating in community service initiatives.

and as a result of low profit rates and the difficult challenges that the business sector witnessed due to the repercussions of the Covid-19 pandemic, Emirates Islamic recorded a net loss of 482 million dirhams for the year 2020.

The balance sheet continues to remain robust, with total assets growing by 9% during 2020, to reach 70% ...