Dubai – Mubasher: Emirates Islamic Bank turned to a net loss of AED 482 million in 2020, impacted by the lower rates, a drop in non-funded income due to the slowdown in the economy, and an increase in impairment allowances.

The bank registered a total income of AED 2.1 billion in 2020, down by 22% on a year-on-year (YoY) basis, according to a press release on Wednesday.

Moreover, total assets of the bank stood at AED 70.6 billion, a YoY increase of 9%.

“Emirates Islamic’s balance sheet remains healthy with strong impairment coverage, liquidity and capital ratios. The bank continued to increase impairment allowances in light of the challenging economic environment,” the statement read.