Emirates Islamic Q1 2026 profit rises to Dh1.1 billion
Deposits and financing grow, but net profit dips on higher impairment charges
Dubai: Customers of Emirates Islamic continued to borrow and deposit more in early 2026, helping the bank post a 7 per cent rise in operating profit to Dh1.1 billion for the first quarter, it said in its earnings report posted Thursday.
The Dubai-based Islamic lender reported higher income from both financing and fees, pushing total income up 6 per cent year-on-year to Dh1.5 billion.
However, net profit fell 16 per cent to Dh900 million due to higher impairment charges, reflecting a slightly cautious stance amid ongoing global and regional uncertainties.
“Emirates Islamic’s financial results for the first quarter of 2026 reflect the nation’s financial resilience and preparedness through the current environment,” said Hesham Abdulla Al Qassim. “We are pleased to announce that total income grew 6 per cent year-on-year and operating profit increased 7 per cent.”
The bank’s balance sheet also expanded steadily. Total assets rose 2.5 per cent to Dh149 billion, while customer financing climbed 6 per cent to Dh94 billion. Customer deposits increased 7 per cent to Dh109 billion, with a strong share — 66 per cent — held in current and savings accounts, indicating healthy liquidity.
Chief Executive Officer Farid AlMulla said the bank continued to grow across key segments despite the challenging backdrop.
“Customer financing increased by 6 per cent, while deposits grew 7 per cent… Our capital position remains extremely strong,” he said, noting a capital adequacy ratio of 15.7 per cent. The bank’s non-performing financing ratio improved to 2.5 per cent, underlining stable asset quality.
Get updated faster and for FREE: Download the Gulf News app now - simply click here.
Emirates Islamic also highlighted its ability to secure international funding, recently closing a $500 million, five-year commodity Murabaha facility with strong interest from global banks — a sign of continued investor confidence.
Looking ahead, the lender said it will continue investing in technology, including artificial intelligence, to improve customer experience and expand its Shariah-compliant offerings.
“Our strategy has guided our growth across retail, corporate and institutional banking,” said Mohammad Kamran Wajid. “We remain committed to innovation and to supporting the UAE’s economic diversification.”
