Dubai: Emirates Islamic Bank (rebranded as Emirates Islamic), the Islamic bank belonging to Emirates NBD group on Wednesday reported a net profit of Dh93.96 million for the first quarter of 2014 compared to Dh33.23 million in the same period last year.
The bank’s total income for the first quarter of the year was up 15.6 per cent at Dh512 million compared to Dh442.9 million in the same quarter last year. While income from financing activities were at Dh312.94 million compared to Dh275.16 million in the comparable period last year, the fees and commission income grew 28.41 per cent to 75.60 million in the first three months of this year compared to the first quarter of 2013.
The bank’s net operating profit for the first quarter of the year was Dh185.65 million up 28 per cent compared to Dh145.15 million reported in the same quarter last year. Impairment allowances for the Q1, 2014 declined to Dh145.93 million compared to Dh162.25 million.
The bank underwent a major rebranding exercise in the first quarter and expanded its retail, small and medium enterprises (SME) and corporate offerings. While the customer accounts rose by 2 per cent in the Q1 2014, at the end of the quartet the banks branches totalled 50.
