Dubai Islamic Bank Books $404 Million in Provisions
- Lender’s provisions rose more than fourfold to $404 million
- CEO says bank has taken ‘highly conservative’ approach
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Dubai Islamic Bank PJSC set aside $404 million in provisions in the first quarter, joining its competitors in the Middle East business hub to prepare for the impact of the coronavirus on their loan books.
The Shariah-compliant lender’s impairments rose more than fourfold in the first three months from a year earlier as profit fell 17% to 1.11 billion dirhams ($302 million), according to a statement on Thursday.