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Emirates Islamic reports record Q1 2024 profit of Dh811 million

This success was underpinned by a robust 19% growth in total income

Emirates Islamic profit surged to a record Dh811 million in the first quarter of 2024, up 35 per cent year-on-year (YoY).

This success was underpinned by a robust 19 per cent growth in total income, propelled by higher funded and non-funded income streams.

Furthermore, the 28 per cent increase in operating profit not only underscores the bank’s operational efficiency but also mirrors the positive economic outlook within the buoyant regional economy.

The bank’s cost-to-income ratio settled at 28.4 per cent, while the net profit margin reached 4.7 per cent.

Hesham Abdulla Al Qassim, chairman, Emirates Islamic, said: “The bank’s total income grew 19 per cent compared to the first quarter of 2023, with customer deposits increasing by 9 per cent from the end of 2023, with Current Account and Savings Account balances at 77 per cent of total deposits. Our strong results are a reflection of our focus on providing innovative financial solutions to our customers while enhancing the overall customer experience.

“Emirates Islamic marks a significant milestone this year, celebrating 20 years of collective progress, and affirming our position as one of the leading Shariah-compliant banks in the UAE.

“The bank recently announced the successful conclusion of its debut US$500 million syndicated Financing Facility. The landmark three-year term financing facility is the first of its kind to be raised by a Shariah-compliant financial institution.”

Farid AlMulla, chief executive officer, Emirates Islamic, said: “Emirates Islamic has delivered record profitable growth in the first quarter of 2024, with total assets increasing by 8 per cent to Dh95 billion. Strong capital and liquidity, combined with a healthy deposit mix, enabled the Bank to continue supporting customers. Further, operating profit showed an impressive growth of 28 per cent year-on-year, underlying the success of Emirates Islamic’s strategy.”