Emirates Islamic Bank net profit heads past Dh1b for first nine months of 2022
Notably, bank’s impairment charges were down 23% to Dh144m
Dubai: Emirates Islamic Bank’s net profit for the first nine months of 2022 has eased past Dh1 billion, boosted by a robust 31 per cent gain. Total income weighed in at Dh2.18 billion, and as with all the UAE banks that have reported their financials to date, EIB’s impairments are down, by 23 per cent to Dh144 million.
“Our results are a strong indication of Emirates Islamic’s role as a key driver in the growth of Islamic banking in the UAE,” said Hesham Abdulla Al Qassim, Chairman. “Following earlier IPOs on the Dubai Financial Market, we were pleased in the third quarter to support Salik and act as a receiving bank in its very successful public offering, as we remain committed to providing seamless access for local investors to the UAE capital markets.”
By end September, the bank’s total assets had increased to Dh73 billion, while customer financing totalled Dh48 billion, higher by 12 per cent on 2021 and customer deposits were at Dh55 billion, with a gain of 16 per cent. The CASA balances made up 77 per cent of deposits.
“We continue to see an improvement in performance across all our business segments,” said Salah Mohammed Amin, CEO. “The successful performance is reflected in higher funded and non-funded income and lower impairment allowances.”.