Emirates Islamic profit up 32%

DUBAI / WAM

Emirates Islamic bank has delivered a strong set of financial results for the period ended on September 30.
The bank’s net profit increased by 32 percent year-on-year reaching AED657 million, and total income (net of customers’ share of profit and distribution to sukuk holders) increased by two percent year-on-year to AED1.8 billion.
Financing and investing receivables at AED36.3 billion, increased by seven percent from end 2017, while customer deposits at AED42.4 billion, increased by one percent from end 2017 with current and saving account balances up one percent from end 2017.
Salah Mohammed Amin, CEO of Emirates Islamic, said, “At Emirates Islamic, we continue to deliver profitable growth with net profit for the first nine months up by 32 percent over the same period last year. The increase in profitability is on the back of growth in financing receivables and investments securities, coupled with an increase in core fee income and a lower cost of risk.”