Emirates Islamic Bank profits decreased by 62% in the first quarter of 2020 to reach 155 million dirhams.
According to ArabiaNet, this pressure on the results comes due to the bank taking allocations of 224 million dirhams during the period.
Note that the bank had reversed provisions of 17 million dirhams at the end of the comparison period, which is the first quarter of 2019.
Assets fell 3% to 62.9 billion dirhams, as the bank's total income decreased to 641 million dirhams, and the funded income margins decreased by 10 basis points compared to the same period in the previous year due to declining profit rates.
Regarding the bank’s results for the year 2019, it announced that its net profit increased by 15%, compared to 2018, to reach 1.06 billion dirhams.
