Dubai’s Islamic banks see impairments fall on economic recovery
Dubai Islamic Bank and Emirates Islamic posted large drops in impairment charges for the first half of the year, citing economic recovery.
DIB reported a 29% fall in impairment losses to 1.5 billion dirhams ($0.41 billion) although net profit dropped by 12% year-on-year to 1.86 billion dirhams, according to a bourse filing on Wednesday (July 28).
Emirates Islamic saw its impairment allowances slashed by 85.56% year-on-year to 85.2 million dirhams, according to a statement on Wednesday.
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