Emirates Islamic has announced a record profit of AED 2.5 billion for the first nine months of 2024, marking a remarkable 52% increase compared to the same period last year.
The bank's total income surged by 16%, reaching AED 4.1 billion, driven by significant growth in both funded and non-funded income.
In the third quarter alone, Emirates Islamic's profit soared by 92% to AED 835 million, while income grew to AED 1.4 billion. This performance underscores the effectiveness of the bank's strategic growth initiatives and operational efficiencies, with a 31% improvement in operating profit and a healthy net profit margin of 4.5%.
Key highlights include a 24% increase in Customer Financing, bringing the total to AED 67 billion, and a 21% rise in customer deposits to AED 74 billion. The bank's total assets climbed to AED 107 billion, reflecting a solid asset base. The non-performing financing ratio stood at 4.9%, supported by a robust coverage ratio of 135%.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, expressed delight at the bank's record performance, emphasizing its commitment to innovative financial solutions and superior customer service.
CEO Farid AlMulla highlighted the bank's role in supporting local entrepreneurs, noting initiatives such as an Emirati Souq to promote local talent.
With a focus on digital banking innovation and a commitment to Emiratisation, Emirates Islamic aims to maintain its leadership in the Islamic finance sector, contributing to Dubai's goal of becoming a global capital for the Islamic economy.
News Source: Dubai Media Office
