Emirates Islamic moves to loss in 2020

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Dubai

Emirates Islamic Bank turned to a net loss of AED 482 million in 2020, impacted by the lower rates, a drop in non-funded income due to the slowdown in the economy, and an increase in impairment allowances. The bank registered a total income of AED 2.1 billion in 2020, down by 22% on a year-on-year (YoY) basis, according to a press release on Wednesday. Moreover, total assets of the bank stood at AED 70.6 billion, a YoY increase of 9%. “Emirates Islamic’s balance sheet remains healthy with strong impairment coverage.—Agencies

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