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Emirates Investment Bank turns to profitability in Q1-21

Emirates Investment Bank turns to profitability in Q1-21
The bank's net income increased to AED 11.724 million

Dubai – Mubasher: Emirates Investment Bank has achieved net profits attributable to the equity holders of AED 7.005 million in the first quarter (Q1) of 2021, compared to net losses of AED 6.07 million in the same period of 2020, according to the bank's consolidated interim financial results for the three-month period ended 31 March 2021.

The bank's net income increased to AED 11.724 million in the first three months of 2021 from AED 10.776 million in the year-ago period.

Meanwhile, the bank's operating income reached AED 20.213 million in Q1-21, up from AED 19.806 million in Q1-20.

The basic and diluted earnings per share (EPS) settled at AED 10.01 in the January-March period of 2021, against losses per share of AED 8.67 in the corresponding period of 2020.

It is noteworthy to mention that in 2020, the company has incurred annual net losses of AED 29.315 million, versus net profits of AED 8.851 million in 2019.