An Emirates Islamic branch in Dubai
An Emirates Islamic branch in Dubai. Image Credit: Atiq ur Rehman/Gulf News

Dubai: UAE-based Emirates Islamic on Monday reported a 15 per cent increase in full-year net profit, aided by increased customer deposits and higher investments in sukuk or Sharia-compliant bonds.

The company posted profits of Dh1.06 billion, helping the Islamic banking giant to surpass the one billion dirham mark for the first time. Also, total income for 2019 increased by 8 per cent to Dh2.7 billion.

Total assets at Dh64.8 billion increased by 11 per cent from end-2018 while customer deposits at Dh45.3 billion increased by 9 per cent in the same period, with current and saving accounts balances representing 63 per cent of total customer deposits.

Chairman Hesham Abdulla Al Qassim slated the lender’s performance as “another impressive performance”.

“We look forward to welcoming the world to Expo 2020 Dubai, and as the official Islamic banking partner of the showcase event, we will aim to take Islamic banking and its principles of integrity and transparency to the world.”

“In 2019, we increased our customer footprint across our Retail, Business and Wholesale Banking segments, driven by digital innovations and increased focus on customer service,” said Chief Executive Officer Salah Mohammed Amin.