Dubai – Mubasher: Emirates Investment Bank has incurred annual net losses of AED 29.315 million in 2020, versus net profits of AED 8.851 million in 2019, as per the bank's preliminary results for fiscal year 2020.

The losses are driven by the coronavirus (COVID-19) pandemic, the associated slower business activity, and factors related to one-off provisions.

The bank's revenues plunged to AED 89.992 million in 2020 from AED 175.73 million during the previous period.

The bank's total assets reached AED 2.483 billion last year, down from AED 3.12 billion in 2019.

The losses per share settled at AED 41.88 in 2020, against earnings per share (EPS) of AED 12.64 during the earlier year.

It is noteworthy to mention that during the third quarter (Q3) of 2020, the bank incurred net losses of AED 7.3 million, compared to net profits of AED 279 million in the corresponding quarter of 2019.