Dubai: Emirates Islamic, an Islamic financial institution belonging to Emirates NBD Group on Wednesday reported a net profit of Dh447 million, up 97 per cent compared to the first half or 2014.
Emirates Islamic’s total operating income (net of customer share of profit) grew by 33 per cent to Dh1.22 billion compared to the same period last year. The bank’s financing book receivables increased by 17 per cent compared to year end 2014.
“The bank has demonstrated exceptional results, with consistent growth for the 14th consecutive quarter, emphasizing our leadership position in the UAE’s Islamic banking sector,” said Hesham Abdulla Al Qassim, Chairman of Emirates Islamic.
In the first half of the year, the bank continued to strengthen its balance sheet, maintaining a solid liquidity position with a financing to deposit ratio of 95 per cent. The bank’s non-performing financing receivables are at a record low of 7.6 per cent. The bank has also further improved its coverage ratio to 106 per cent.
“At Emirates Islamic, we have built a tremendous growth momentum over the last three years, and our strong results are a reflection of our relentless focus on providing innovative financial solutions to our customers while enhancing the overall customer service experience,” said Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic.
