Dubai – Mubasher: Emirates Islamic Bank (EIB) turned to losses in the fourth quarter of 2016, according to a bourse statement.
The bank suffered losses of AED 848,000 ($230,810) in Q4-16, against profits of AED 106.73 million ($29.05 million) in Q4-15.
Net profits fell 83.5% to AED 105.63 million in 2016, compared to AED 640.68 million in 2015.
Provisions amounted to AED 1.3 billion in 2016, up 60.5% from AED 810.11 million in 2015.
