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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Emirates Islamic 2022 net profit $337m

The bank also reported a 36 percent increase in operating profit and a 15 percent increase in total assets to AED 75 billion. (WAM)
By Hilal Mir
January 26, 2023 8:05 pm
  • The bank also reported a 36 percent increase in operating profit and a 15 percent increase in total assets to AED 75 billion.
  • The bank's total income went up 33 percent year-on-year driven by higher funded income and non-funded income.

Dubai, UAE– Emirates Islamic reported a net profit of AED1.24 billion ($337 million) in 2022, a 51 percent increase from the previous year, driven by funded and non-funded income, coupled with a reduction in cost of risk, the bank said.

The bank also reported a 36 percent increase in operating profit and a 15 percent increase in total assets to AED 75 billion.

The bank’s total income went up 33 percent year-on-year driven by higher funded income and non-funded income.

Salah Mohammed Amin, CEO, said that Emirates Islamic had further strengthened its position as a leading Islamic financial institution in the UAE and that customer financing and deposits had grown by 14 percent and 19 percent.

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