July 26, 2002

EBI's H1 2002 profit drops 5.4%

IFor the first half of 2002, Emirates Bank International PJSC reported a drop in the group profit by 5.4% to Dh257.36 million as compared to the same period last year.

According to the bank, the main reason for the decline in its profits was due to 18% drop in the fees commission and other income to Dh109.87 million and 2% decline in net interest income to Dh295.5 million.

The property related income of the group increased by 43% to Dh39.51 million. The total income decreased by 4% to Dh444.88 million. The EPS too declined from Dh0.74 to Dh0.70.

The total assets increased by 5% to Dh24.69 billion compared to Dh23.52 billion on December 31, 2001. This was due to 11.4% increase in loans and advances from Dh14.53 billion to Dh16.19 billion.

The investment in securities rose from Dh1.97 billion to Dh2.18 billion.

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