Dubai: Emirates Islamic’s net profit jumped to a record Dh1.24 billion for 2022, a 51 per cent increase compared to the year-ago period, the lender said on Thursday.
Total income for the period stood at Dh3.18 billion, up 33 per cent year-on-year driven by higher funded income and non-funded income as a result of improved financing and deposit mix with higher profit rates feeding through to net profit margin.
Hesham Abdulla Al Qassim, Chairman, Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD, said: “The bank provided seamless access for investors in the UAE capital markets by acting as a receiving bank for IPOs on the Dubai Financial Market, including DEWA, Salik, TECOM, Taaleem and EMPOWER. Based on the bank’s strong performance, Fitch Ratings affirmed Emirates Islamic’s ‘A+’ long-term rating with a Stable Outlook, short-term rating of ‘F1’ and upgraded the bank’s viability rating.
“Emirates Islamic has one of the highest Emiratisation rates in the UAE banking sector, at 38 per cent of total employees and 34 per cent of critical positions.”
Total assets during the period increased by 15 per cent to Dh75 billion, the bank said. Customer financing was up 14 per cent to Dh48.4 billion, while customer deposits increased by 19 per cent to Dh56.3 billion with current account and savings account balances at 74 per cent of total deposits.
Salah Mohammed Amin, CEO of Emirates Islamic, said: “Emirates Islamic has further strengthened its position as a leading Islamic financial institution in the UAE, achieving its highest growth in financing receivables and deposits since 2016, reflecting the current optimistic business sentiment. In 2022, we expanded our product offering with the launch of Emarati Family Savings account, Emarati Business Account and Super Savings Etihad Guest Account. We also introduced the ‘Businesswomen Account’ offering a host of benefits and privileges to support women entrepreneurs. We enhanced our business-friendly solutions with the launch of cardless cash withdrawals via businessONLINE. In 2022, we entered into a strategic collaboration with Tradeling, the largest eMarketplace focused on B2B transactions in the MENA region.”