RIYADH: Dubai Islamic Bank (DIB) on Tuesday announced its 2020 financial results which revealed a 38 percent slump in net profits.
However, the drop was attributed to provisions made by the company to protect it against unforeseen events and to ensure a strong recovery in the near future, according to Al Arabiya.
In a statement on the Dubai Financial Market, DIB said that its net profit fell from AED5.1 billion ($1.39 billion) in 2019 to AED3.16 billion last year.
Total revenues were AED13.14 billion, compared to AED13.68 billion over the same period the previous year, according to figures.
DIB pointed out that the percentage of non-performing loans was 5.7 percent of gross loans. Cash coverage and overall coverage ratio, including collateral at discounted value, stood at 76 percent and 104 percent, respectively.
