Dubai / WAM
Emirates Islamic reported a net profit of AED 1.24 billion in 2022, a 51% increase from the previous year. The bank’s strong performance was driven by higher funded and non-funded income, coupled with a reduction in cost of risk. The bank also reported a 36% increase in operating profit and a 15% increase in total assets to AED 75 billion.
Hesham Abdulla Al Qassim, Chairman, Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD stated that based on the bank’s strong performance, Fitch Ratings affirmed Emirates Islamic’s ‘A+’ Long-Term Rating with a Stable Outlook, Short-Term Rating of ‘F1’ and upgraded the Bank’s Viability Rating.
The bank’s total income went up 33 percent year-on-year (YoY) driven by higher funded income and non-funded income as a result of improved financing and deposit mix with higher profit rates feeding through to net profit margin. Operating expenses increased 29 percent YoY as the bank invests for future growth.
Meanwhile, Emirates Islamic’s total assets increased by 15 percent to AED 75 billion in 2022
The bank’s CEO, Salah Mohammed Amin, stated that Emirates Islamic had further strengthened its position as a leading Islamic financial institution in the UAE and that customer financing and deposits had grown by 14% and 19%, respectively. The bank also expanded its product offering in 2022 with the launch of new accounts and enhanced its business-friendly solutions with the introduction of cardless cash withdrawals.