Emirates Islamic reports Dh137m first half net profit
Total assets at Dh57.2 billion was up 8 per cent from end 2015
Dubai: Emirates Islamic has reported a net profit of Dh137 million for the first half of 2016.
For the second quarter of 2016 the bank reported a net profit of Dh92 million up 104 per cent as compared with Dh45 million in the first quarter of 2016.
Total Income (net of customers’ share of profit) grew by 11 per cent to Dh1.23 billion compared to the total income (excluding one offs) for the same period last year.
Total assets at Dh 57.2 billion was up 8 per cent from end 2015. Financing and investing receivables at Dh 39.1 billion, were up 14.5 per cent from end 2015. Customer deposits at Dh 41.8 billion were up 6.2 per cent from end 2015 with current and savings accounts balances, up 10.2 per cent from end 2015. Headline financing to deposits ratio at 93.7 per cent remains comfortably within the management’s target range.
“Our investment in product innovation has been favourably received and is reflected in the tremendous growth in our retail books as well as an increase in successful transactions on the wholesale banking front,” Said Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD.
Bank’s credit quality improved as the impaired financing ratio strengthened from 8.8 per cent to 8.5 per cent and coverage ratio advanced from 89.5 per cent to 90.7 per cent.
“Our strong results reflect Emirates Islamic’s leadership position in the UAE’s Islamic banking sector. Our investment in technology and infrastructure with recent product innovations such as Social Banking for customers and further developments to the Emirates Islamic mobile app have contributed to significantly strengthening our customer proposition,” said Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic.
