Dubai – Mubasher: Emirates Islamic Bank (EIB) reported a 79.88% year-on-year increase in its profits during the second quarter of 2017, according to a statement.

Profits reached AED 165.67 million ($45.09 million) in Q2-17, compared to AED 92.10 million ($25.06 million) in Q2-16.

Provisions declined 27.5% to AED 174.96 million in Q2-17, compared to AED 241.35 million in Q2-16.

Expenses fell 15% to AED 242.97 million in Q2-17 from AED 285.50 million in Q2-16.

In the first half of 2017, profits rose 182% to AED 386.78 million from AED 137.30 million in the prior-year period.