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Dubai Islamic Bank’s net profit drops 38% in 2020 due to increased provisions

17 February 2021: Dubai Islamic Bank’s net profit drops 38% in 2020 due to increased provisions

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.

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https://www.arabnews.com/node/1810351/business-economy