Thursday, October 26, 2023 – 2:58 PM
Dubai, October 26 / WAM / Emirates Islamic Bank achieved its highest profit ever in 9 months, as profits increased by 56% to reach 1.65 billion dirhams during the first nine months of 2023.
According to the statement issued by the bank today, the increase in profits was driven by an increase in funded and unfunded income, which reflects an improvement in the thriving business scene.
Income for the third quarter of 2023 grew by 46% compared to the same period of the previous year to reach 1.2 billion dirhams, which constituted a driving force for the growth of profits by 23% to reach 435 million dirhams.
Emirates Islamic won the “Most Innovative Islamic Bank in the UAE” and “Best Islamic Bank for Small and Medium Enterprises in the UAE” awards during the 2023 Global Finance Awards.
During the first nine months of this year, total income increased by 62% compared to the same period of the previous year on the back of an increase in funded and unfunded income, while costs increased by 35% compared to the same period of the previous year as a result of Emirates Islamic’s investment in future growth opportunities.
The net profit rate margin improved to 4.7% following the stability of profit rates in the first nine months of 2023.
Total assets grew to 86 billion dirhams, and financing activities receivable to customers increased by 7% from the end of 2022 to reach 52 billion dirhams, and customer deposits reached 61 billion dirhams, an increase of 7% from the end of 2022, while the balances of current and account accounts Savings represent 75% of total deposits.
The financing to deposit ratio reached 85%, which is still within the management’s target limits.
Hisham Abdullah Al Qassim, Chairman of Emirates Islamic, said: “Emirates Islamic achieved outstanding results during the first nine months of 2023, and operating profits improved by 83% compared to the same period of the previous year.”
He added: “As a culmination of the UAE’s celebration of the Year of Sustainability, and as part of Dubai’s preparations to host the most prominent global climate conferences this year, it joins its efforts with those of the Emirates NBD Group to support the Conference of the Parties (COP28) as a major banking partner.”
In turn, Farid Al Mulla, CEO of Emirates Islamic, said: “Emirates Islamic achieved a growth in profits of 23% for the third quarter of 2023 compared to the same period of the previous year, and total income jumped by 46%.”
He stressed the importance of nurturing and developing local talent, saying: “We have achieved a strong Emiratization rate of 36%, and we have witnessed an increase in the percentage of women in leadership positions that has reached 23%.”
Reda Abdel Nour/George Ibrahim
2023-10-26 10:59:40
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