#Dubai Islamic Bank net profit falls 27% - Reuters

Dubai Islamic Bank net profit falls 27% - Reuters:

Dubai Islamic Bank’s (DIB) second-quarter net profit fell 27% from a year ago as net impairment charges jumped 68%, though they eased from last quarter.

DIB posted a net profit attributable to owners of 1.01 billion dirhams ($274.99 million) for the quarter. 


Its net impairment charges were 637 million dirhams, much lower than the 1.48 billion dirhams booked in the first quarter, which included 818 million dirhams in extraordinary charges.

Several banks in the region have increased provisions in anticipation of the coronavirus pandemic’s impact on the credit market.