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DUBAI / WAM
Emirates Islamic profit surged to a record AED811 million in the first quarter of 2024, up 35 percent year-on-year (YoY). This remarkable financial success was underpinned by a robust 19 percent growth in total income, propelled by higher funded and non-funded income streams, which serves as a testament to the bank’s strengthened business sentiment and strategic financial management.
Furthermore, the noteworthy 28 percent 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 percent, while the net profit margin reached 4.7 percent.
Hesham Abdulla Al Qassim, Chairman, Emirates Islamic, said, “The bank’s total income grew 19 percent compared to the first quarter of 2023, with customer deposits increasing by 9 percent from the end of 2023, with Current Account and Savings Account balances at 77 percent 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 $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 percent to AED95 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 percent year-on-year, underlying the success of Emirates Islamic’s strategy.”