Dubai – Mubasher: Emirates Islamic has reported a net profit of AED 155 million for the first quarter (Q1) ending on 31 March 2020, down by 62% year-on-year (YoY).

The lender’s total assets fell by 3% on an annual basis over Q1-20 to stand at AED 62.9 billion, while total income reached AED 641 million, 3% lower than Q1-19, according to a press release on Monday.

Moreover, customer accounts were seen at AED 44.8 billion in Q1-20, broadly flat from 2019 year-end. Current and savings accounts balances went up by 5% when compared to 2019.  

Commenting on the results, CEO of Emirates Islamic, Salah Mohammed Amin, said, “Net profit is lower as we have made additional impairments allowances to boost coverage in anticipation of a deterioration in credit quality in subsequent quarters.”

According to the statement, the aforementioned provisions amounted to AED 206 million in Q1-20, up by AED 224 million when compared to the same period last year.

“As we continue to act in accordance with UAE government directives, I am confident that our proactive business resilience and continuity plans, combined with our responsive approach to customers, digital banking expertise, and financial strength will help us continue to be the market-leading Islamic bank in the UAE,” he concluded.