Dubai Islamic Bank's profits fell 27% to nearly one billion dirhams in the second quarter of 2020, compared to the same period in 2019.

According to the Emirates News Agency, the profits for the first half of 2020 decreased by 22% to reach 2.12 billion dirhams, and the earnings per share reached 26 fils.

The bank’s total assets reached 295 billion dirhams, an increase of 27% from the beginning of the year 2020 until the end of June of the same year, and the cost to income ratio improved to 29.4% with the start Achieving the compatibility resulting from the acquisition of Noor Bank, and the capital adequacy ratio reached 16.7% ... while the first-tier ratio for the capital was 12.3%.

While the total income reached 6.82 billion dirhams, and the net financing and sukuk investments increased to 237.1 billion dirhams during the same period.

The bank announced that customer deposits increased to 206.5 billion dirhams at the end of June this year, an increase of 26% compared to the same period in 2019.

The bank attributed the decrease in profits mainly to the increase in provisions during the same period by 193%, and the increase in operating expenses by about 22%.

Mohamed Ibrahim Al-Shaibani, Chairman of Dubai Islamic Bank, said: The new structure of the government of the United Arab Emirates has been designed, in addition to the package of measures announced by our wise leadership to motivate The local economy of Dubai to support markets and boost investor confidence.

He added: The sustainable economic model being pursued by Dubai and the UAE continues to lead the process of a full economic recovery in the region ... indicating that Dubai Islamic Bank continues to focus on achieving the goals of the business strategy That it implements and through which it seeks to achieve profitable and sustainable returns for its shareholders in the long term.

Abdullah Al-Hamli, Managing Director of Dubai Islamic Bank, said: The gradual return to resuming economic activities is a solid testimony to Dubai's exceptional ability to address any economic challenges on The global level and contain its repercussions at top speed. Dubai Islamic Bank was able to adapt quickly to what is today known as the new reality in terms of continuing to provide our services to customers through our various channels.

Dr. Adnan Shalwan, CEO of Dubai Islamic Bank Group said: The year 2020 has proven to be an exceptional year by all standards for the global economy, confirming that the bank was able to achieve New achievements ...