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BoS reported a strong year on year gain in net interest income by 14 per cent in 2020 to Dh473 million and non-interest income by 303 per cent to Dh597 million. The bank managed to keep operating costs in check with a small increase of 3 per cent year on year.
Turnaround
The bank for the first time in its history reported a consolidated net loss in 2019 arising from provisions made in Lebanon. Despite the losses in Lebanese subsidiary, the bank’s UAE operations continued to generate solid profits in its UAE operations in 2019 and 2020.
While the final audited results for 2020 are awaited, no major spike in provisions for EL Bank as the Group had taken huge provisions on expected credit losses last year with additional provisions in Q3 as a result of the massive explosion in Beirut on August 4, 2020.