Emirates Islamic Bank (EIB), which belongs to the Emirates NBD Group, reported a full-year net loss Monday due to significantly higher impairments on financing and investment activities and a surge in expenses.
The bank posted a net loss of Dh448.55 million compared to a net profit of 59.34 million in 2010, the bank said in a statement to the Dubai Financial Market.
The bank's total assets fell more than 32 per cent to Dh21.48 billion from Dh32.74 billion in 2010. While the income from financing activities declined from Dh919.88 million in 2010 to Dh699.95 million last year, the bank reported a loss of Dh45 million from investment in securities.
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