Dubai – Mubasher: Emirates Islamic Bank witnessed net losses of AED 311.24 million in the first nine months of 2020, against net profits of AED 937.18 million in the year-ago period.
The bank has incurred losses in the first nine months of 2020 due to higher impairment allowances amid the economic challenges caused by the coronavirus (COVID-19) pandemic, according to the bank's financial results for a nine-month period ended on 30 September 2020.
The lender's net income from financing and investment products reached AED 1.296 billion in the January-September period of 2020, down AED 1.39 billion in the same period of 2019.
The bank's total assets rose by 8% to AED 70.1 billion by the end of September 2020 from AED 64.78 billion by the end of 2019.
The loss per share settled at AED 0.057 in the first nine months of 2020, against earnings per share (EPS) of AED 0.173 during the corresponding period of 2019.
During the third quarter (Q3) of 2020, the bank's net losses recorded AED 323.08 million in the January-September period of 2020, versus net profits of AED 264.18 million in the same period of 2019.
The CEO of Emirates Islamic, Salah Mohammed Amin, said: "Our results for the first nine months of 2020 are a result of the challenges faced due to the pandemic and reflect our prudent and cautious approach in the current situation."
Amin added: "The favourable reception to our recent USD 500 million Sukuk also reflects strong investor confidence in Emirates Islamic’s credit strength, business fundamentals, and growth strategy."
It is noteworthy to mention that in the first half (H1) of 2020, the bank's net profits plunged to AED 11.846 million, compared to AED 673 million in the year-ago period.
