Emirates Islamic is latest UAE bank to hit a record on 9-month 2023 profit, at Dh1.65b
Emirates NBD Group entity Sukuk book size also touched a record Dh10b
Dubai: Record highs are what UAE’s leading banks are reporting with their nine-month results for 2023, with Dubai-headquartered EIB seeing a 56 per cent growth in profit to Dh1.65 billion. It was put together by higher ‘funded and non-funded income’ and which in turn reflected ‘improved business sentiment’.
In the July to September period alone, the Emirates Islamic Bank income grew 46 per cent from a year ago period to Dh1.2 billion. On the expenses side, they were up 35 per cent at the end of the nine months, given the focus to invest for future growth.
“We have seen growth across all our operating segments, including consumer, business and corporate banking segments,” said Farid Al Mulla, CEO. “The bank's Sukuk book size reached a record Dh10 billion, marking both the highest absolute value and the highest percentage of total assets to date.”
We have seen growth across all our operating segments, including Consumer, Business and Corporate banking segments.
Total assets shot up 15 per cent to Dh86 billion as customer financing grew 7 per cent to Dh52 billion. These are the headline numbers for EIB at the end of September:
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