Emirates Islamic reports Dh937 million nine-month net profit

Dubai: Emirates Islamic, reported a net profit of Dh937 million for the first nine months of 2019, a year-on-year increase of 43 per cent.

The bank’s total income for the period increased by 11 per cent year on year to Dh2.1 billion as the total assets increased 8 per cent during the nine-month period to Dh62.7 billion from end 2018.

“As a leading Islamic bank, we have taken advantage of the increasing uptake of Islamic banking products in the UAE. Total income for the first nine months of 2019 stood at Dh2.1 billion, up 11 per cent year-on-year with funded income and foreign exchange being the primary drivers of growth,” said Salah Mohammed Amin, Chief Executive Officer of Emirates Islamic.

Financing and investing receivables were up 3 per cent to Dh37.4 billion from the yearend end 2018. Customer deposits are up 9 per cent during the nine-month period with current and saving account balances up by 3 per cent.

At the close of the nine-month period, the bank’s impaired financing ratio is at 8.7 per cent with a strong coverage ratio of 115 per cent, while the headline financing to deposit ratio at 83 per cent indicating healthy liquidity position.

Emirates Islamic continued to maintain strong capital adequacy with tier 1 capital ratio at 19.2 per cent and capital adequacy ratio at 20.4 per cent.