Emirates Islamic first-quarter profit plunges 62% year-on-year on higher provisions
UAE’s Emirates Islamic reported net profit of 154.987 million dirhams ($42.2 million) for the first quarter of 2020, a 62% plunge compared to 411.079 million dirhams during the same period last year.
The bank has made higher provisions for potential bad loans.
“This is a challenging time for businesses everywhere as we deal with the significant impact of COVID-19, combined with low oil prices and negative market sentiment,” said CEO Salah Mohammed Amin in a statement on Monday (Apr 20).
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