Dubai – Mubasher: The net profits of Emirates Islamic plunged to AED 11.846 million in the first half (H1) of 2020, compared to AED 673 million in the year-ago period.

The decline in the bank's net profits has resulted from higher impairment on its financing and investment book to mitigate to the future impact of coronavirus (COVID-19), as shown by the consolidated interim financial statements for the period ended on 30 June 2020. 

The lender's total assets dropped to AED 64.195 billion during the first six months of 2020 from AED 64.775 billion in the same period of 2019.

In addition, the net income from financing and investment products decreased to AED 886.667 million in H1 of 2020, against AED 911.469 million in the corresponding period of 2019.

The earnings per share (EPS) settled at AED 0.002 in H1 of 2020, compared to AED 0.124 in the year-ago period.

The Chairman of Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD, Hesham Abdulla Al Qassim, remarked: "In 2020, we have assisted over 35,400 customers to the tune of AED 2.09 billion in instalment deferments."

Meanwhile, the bank's CEO, Salah Mohammed Amin, said: "Our strong balance sheet and healthy market share enable the Bank to continue to support our loyal customer base so that we all can emerge even stronger from these unprecedented times."

It is noteworthy to mention that during the first quarter (Q1) of 2020, the bank has reported a net profit of AED 155 million, down by 62% year-on-year (YoY).