UAE News: Dubai Islamic Bank Books $404 Million in Provisions - Bloomberg:
Dubai Islamic Bank PJSC set aside $404 million in provisions in the first quarter, joining its competitors in the Middle East business hub to prepare for the impact of the coronavirus on their loan books.
The Shariah-compliant lender’s impairments rose more than fourfold in the first three months from a year earlier as profit fell 17% to 1.11 billion dirhams ($302 million), according to a statement on Thursday.
“We have adopted a highly conservative approach to provisioning in this quarter building coverage and protection against any impacts on asset quality arising out of the current environment,” Chief Executive Officer Adnan Chilwan said in the statement.
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