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Emirates Islamic achieved its highest-ever profit of Dh2.5 billion for the first nine month of 2024, hitting a 52-per-cent increase year on year. Its income for the year surged by 16 per cent, reaching Dh4.1 billion.
The bank's record performance was driven by significant growth in both funded and non-funded income and a 24 per cent increase in customer financing, authorities said.
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In the third quarter of this year, Emirates Islamic's profit increased by 92 per cent to Dh835 million, with its total income growing by 16 per cent to Dh1.4 billion. These results highlight the effectiveness of the Bank’s strategic growth initiatives and operational efficiencies.
"With profit rates remaining relatively stable, our net profit margin remained at a very healthy 4.5 per cent in the first nine months of 2024," said Hesham Abdulla Al Qassim, chairman of Emirates Islamic.
"Our strong results reflect our consistent focus on providing innovative financial solutions to our customers, combined with a superior customer service experience backed by the latest technology and automation," Al Qassim said.
Emirates Islamic's total assets increased to Dh107 billion during this period as it continues to maintain a solid asset base, said Farid AlMulla, the bank's CEO.
"Strong capital and liquidity combined with a healthy deposit mix enabled the bank to better support customers, with a 24 per cent increase in customer financing to Dh67 billion and a 21-per-cent increase in customer deposits to Dh74 billion," he added.
The bank's expenses also decreased by 10 per cent year on year, as its operating profit improved by 31 per cent.
"Emirates Islamic continues to lead in the digital banking innovation within the Islamic financial services sector. This is evident from our many firsts, including being the first Islamic bank in the UAE to launch a Digital Wealth platform on our mobile banking app, as well as being the first Islamic bank in the region to introduce fractional sukuks for investors," Al Qassim said.
AlMulla added: "With our track record of pioneering innovation, we are always at the forefront of exciting developments in the UAE’s Islamic banking sector to support the needs of individuals, entrepreneurs, corporates and SMEs in the region.”
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