Dubai Islamic Bank, the largest Sharia-compliant lender in the UAE by assets, reported a 19 per cent drop in its third-quarter net profit as impairment charges and operating expenses rose amid the coronavirus pandemic.
Net profit attributable to owners of the bank for the three month period ending September 30 declined to about Dh1 billion ($274 million), the lender said in a statement to the Dubai Financial Market, where its shares trade. Impairment charges for the period rose 60 per cent to Dh530.4m from the year-earlier period while operating expenses increased 16 per cent to Dh663.5m.
“The global environment remains uncertain with geographies around the world yet to fully recover," Mohammed Al Shaibani, director-general of the Ruler’s Court of Dubai and chairman of Dubai Islamic Bank, said.
"At home, the UAE remains committed towards economic development with a strong focus on precautionary safety measures as we witness the gradual recovery of trade and business services,” he added.
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