Emirates Islamic approves more than $5mln in staff bonus

Shareholders approve payout despite bank's net loss of $131mln

  
A man walks past an Emirates Islamic Bank branch in Bank street in Dubai, October 18, 2011.

A man walks past an Emirates Islamic Bank branch in Bank street in Dubai, October 18, 2011.

REUTERS/Jumana El Heloueh

Emirates Islamic Bank will be granting its staff nearly 20 million dirhams ($5.4 million) in bonuses for the past year.

The shareholders approved the payout, pegged at 19,480,898 dirhams, during their general assembly on Wednesday, the bank said in a bourse filing to the Dubai Financial Market (DFM).

The bonus was approved even after the lender posted a net loss of 482 million dirhams last year.

Total income for 2020 dropped 22 percent year-on-year to 2.1 billion, but the bank maintained its finances remain sound.

“The bank’s balance sheet remains strong with total assets growing by 9 percent during 2020 to reach 70.6 billion dirhams,” said Hesham Abdulla Al Qassim, chairman of Emirates Islamic.

“We continued to maintain healthy liquidity and capital, demonstrating our resiliency in navigating the crisis with relatively reduced impact.”

Its affiliate, Emirates NBD, also announced late Wednesday the distribution of 40 percent cash dividend to shareholders.

(Reporting by Cleofe Maceda; editing by Daniel Luiz)

Cleofe.maceda@refinitiv.com

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