Emirates Islamic bank
Emirates Islamic bank hit all the high notes during its Q1-2024 performance. Image Credit: Gulf News

Dubai: First quarter net profit at Dubai headquartered Emirates Islamic bank totaled Dh811 million, up 35 per cent year-on-year. This was fueled by higher 'funded and non-funded income streams', the bank said. 

As for the 28 per cent increase in operating profit, it 'underscores the bank's operational efficiency' and 'mirrors the positive economic outlook within the buoyant regional economy'. "The bank’s total income grew 19 per cent compared to the first quarter of 2023, with customer deposits increasing by 9 per cent from end 2023, with current account and savings account balances at 77 per cent of total deposits," said Hesham Abdulla Al Qassim, Chairman.

The other big reading from the three-month run is that impairment allowances declined by a sizeable 56 per cent year-on-year.  Overall income, meanwhile, was up 19 per cent to Dh1.34 billion.