Emirates Islamic Bank turns in Dh2.12b net profit despite higher provisions
Dubai bank’s top-line numbers also flew into record gains with Dh4.77b
Dubai: The Emirates Islamic Bank’s 2023 net profit has totaled Dh2.12 billion, coming via a 71 per cent increase form a year ago. This was despite provisions rising significantly, by 117 per cent to Dh873 million.
Overall income for the Dubai-headquartered bank Dh4.77 billion, up by an impressive 50 per cent. “Emirates Islamic delivered the most impressive financial performance in our history,” said Hesham Abdulla Al Qassim, Chairman of Emirates Islamic and Vice-Chairman and Managing Director of Emirates NBD. “The strong balance-sheet, low cost funding base and digital architecture form a strong platform for even greater achievements in the future.”
• Customer financing was up 11% to Dh53.7 billion.
• Customer deposits were boosted 9% to Dh61.3 billion in 2023 with Current Account and Savings Account balances at 76% of total deposits.
• Credit quality: The non-performing financing ratio improved to 6.3% with strong coverage ratio at 132%.
“We exceeded all expectations in 2023, including our highest-ever profit. Emirates Islamic’s gross financing increased in 2023, including improved productivity and return on assets,” said Faird Al Mulla, CEO. “In 2023, we celebrated a first in UAE banking history, by issuing an Dh1 billion public Sukuk. This 3-year offering was oversubscribed 2.5 times, highlighting the strength of the dirham Sukuk market, and emphasising confidence in the local currency market from global Sharia-compliant investors.”