Islamic banks listed in the local financial markets recorded a growth in their net profits by 33.45% at the end of the first nine months of this year, with an increase in their operating revenues amid continued demand for credit and banking services, supported by the recovery in economic activities.
The results of the operations of these banks showed a growth in profits by 2.75 billion dirhams, rising from 8.22 billion dirhams at the end of the first nine months of 2022, to 10.97 billion dirhams in the first nine months of this year.
Dubai Islamic Bank’s profits increased by 17.07% to reach 4.8 billion dirhams at the end of the first nine months of this year, compared to 4.1 billion dirhams at the end of the same period in 2022, supported by an increase in net operating revenues by 11.7% on an annual basis to reach 8.55%. Billions of dirhams, in addition to the historic expansion of the bank’s balance sheet to 313 billion dirhams, an increase of 8.7%, since the beginning of the year to date. Financing activities also recorded a growth of 7%, bringing the total financing of individuals and companies to 199 billion dirhams.
Abu Dhabi Islamic Bank’s profits rose by 53% to 3.75 billion dirhams, from 2.5 billion dirhams during the comparison period, supported by a 48% increase in revenues, which reached 6.7 billion dirhams by the end of the first nine months of this year. Customer deposits also increased by 28% to reach 152 billion dirhams, compared to 138 billion dirhams in the same period in 2022, driven by the growth in current and savings account deposits.
Emirates Islamic’s net profits increased by 56% to 1.65 billion dirhams, at the end of the first nine months of this year, compared to 1.054 billion dirhams at the end of the same period last year, supported by an increase in financed and unfunded income, which reflects improved business sentiment, in addition to Total income increased by 62%, compared to the same period of the previous year.
Sharjah Islamic Bank’s profits also increased by 35% to reach 767.3 million dirhams by the end of the first half, compared to profits of 568.6 million dirhams achieved during the same period in 2022, supported by an increase in operating profits before allocations by 29% to reach 939.8 million dirhams. Its net revenues from financing and investment products also increased by 22.4%, reaching 198.2 million dirhams. Net fees, commissions and other income increased by 34% to reach 329.6 million dirhams.
2023-11-01 22:05:27
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