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DUBAI / WAM
Emirates Islamic announced that its net profit increased by 15%, reaching AED1.061 billion in 2019, the highest ever in the bank’s history.
A review of the year ended December 31, 2019 was presented at the General Assembly Meeting of the bank, where it was announced that total income increased by eight percent to AED2.7 billion, and financing and investing receivables were at AED37.5 billion, increased by four percent from end 2018.
Emirates Islamic reported that customer deposits stood at AED45.3 billion, showing an increase by nine percent from end of 2018. Current and saving accounts balances represent 63 percent of total customer deposits.
Headline financing to deposits ratio was at 83 percent, which demonstrated a healthy liquidity position. Tier 1 capital ratio was at 19.5 percent and capital adequacy ratio was at 20.7 percent. Impaired financing ratio was at 7.6 percent with a strong coverage ratio of 120 percent.
Commenting on the bank’s performance, Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD, said, “As the Islamic banking partner of choice for UAE nationals and residents, Emirates Islamic continued to play an instrumental role in driving growth in the Islamic finance sector. We delivered strong results for the year, with net profit of AED1.061 billion, the highest ever in the bank’s history.”
Al Qassim added, “Looking ahead to 2020, Emirates Islamic maintains a positive outlook, with Expo 2020 Dubai set to deliver a significant boost to the economy as millions of visitors are expected to join the mega-event. Emirates Islamic will continue to play an instrumental role in contributing to growth and innovation in the Islamic banking sector, working to educate more individuals and institutions in the UAE about the benefits of Islamic banking solutions.”
The AGM reviewed and approved the Directors’ Report, the Auditors’ Report, the Internal Shari’ah Control Committee, and consolidated financial statements of the bank for the year ending 31st December 2019.
The meeting also approved the appointment of Internal Shari’ah Control Committee members, subject to UAE Central Bank approval. They also reviewed and approve the Board of Directors’ remuneration and the bank’s staff bonus. The AGM absolved the Board of Directors from responsibility for the year ending 31 December 2019.
The meeting also absolved the auditors from responsibility and appointed Deloitte & Touche (M.E.) as auditors of the bank for the year 2020 and determining their remuneration.