Emirates Islamic’s net profit jumped 23 per cent to Dh701 million for the first half of 2022 on higher funded and non-funded income with a significant reduction in the cost of risk reflecting improved business sentiment, the bank said on Thursday.
Total income stood at Dh1.37 billion, up 16 per cent compared to the year-ago period.
The bank’s total assets grew by 14 per cent to Dh74 billion in H1 2022.
The lender also saw a strong increase in customer financing and deposits, with the former at Dh47 billion, up 11 per cent from end 2021, while the latter clocked Dh54 billion, an increase of 15 per cent.
“Our solid performance was based on higher funded and non-funded income, and higher customer financing reflecting the UAE’s positive economic sentiment. We have also benefitted from a significant reduction in the cost of risk supported by a strong economy,” said Chairman Hesham Abdulla Al Qassim.
“We were pleased to support the TECOM and DEWA IPOs on the Dubai Financial Market by enabling key clients to participate and benefit from these landmark listings in our role as receiving bank.”
Emirates Islamic’s total assets grew by 14 per cent to Dh74 billion during the first half of 2022, “demonstrating our support for a strong UAE economy”, said CEO Salah Mohammed Amin.
He also highlighted how the lender was among the first Islamic banks to “integrate digital innovation and our digital focus continues to reap us rich rewards in terms of customer loyalty and market share”.
“In the first half of 2022, we further enhanced our digital channels and offerings across multiple fronts, including ATM / CDM transformation and added features on our Whatsapp banking,” he said.