At Dh2.5b, Emirates Islamic bank tops highest ever 9-month profit

Dubai: Emirates Islamic bank has cleared its highest nine-month profit ever, recording Dh2.5 billion, from a 'remarkable 52% increase year-on-year.

That was derived from income of Dh4.1 billion, which is a 16% increase. The Emirates NBD Group entity confirmed there was growth from both its funded and non-funded income lines, with a 24% increase in customer financing. For the July to September period, Emirates Islamic's profit increase was 92% to Dh835 million.

"Our net profit margin remained at a very healthy 4.5% in the first nine months of 2024," said Hesham Abdulla Al Qassim, Chairman of the Dubai based bank.

"Emirates Islamic continues to lead in the digital banking innovation within the Islamic financial services sector. This is evident from our many firsts, including being the first Islamic bank in the UAE to launch a digital wealth platform on our app, as well as being the first Islamic bank in the region to introduce fractional sukuks for investors."

Total assets were Dh107 billion during the period.

"Strong capital and liquidity combined with a healthy deposit mix enabled the bank to better support customers, with a 24% increase in customer financing to Dh67 billion and a 21% increase in customer deposits to Dh74 billion," said Farid AlMulla, CEO.