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Company News, Business

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Emirates Islamic bank net profit for Jan-Sept period $285 million

The bank said it recorded an increase in both funded and non-funded income.
By TRENDS Desk
October 27, 2022 9:53 pm
  • Expenses increased 22 percent YoY, Impairment Allowances decreased 23 percent YoY reflecting improved business sentiment.
  • The bank's total assets increased to AED 73 billion, customer financing stood at AED 48 billion, rising 12 percent from 2021.
Dubai, UAE—Emirates Islamic (EI) bank net profit jumped to AED 1.054 billion ($285 million) for the first nine months 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.

In the period from January-September, the banks recorded a strong operating performance on higher funded and non-funded income coupled with reduction in cost of risk, with the total income up 22 percent year-on-year (YoY) driven by higher funded and non-funded income, the bank added.

Meanwhile, expenses increased 22 percent YoY, Impairment Allowances decreased 23 percent YoY reflecting improved business sentiment, and operating profit grew 21 percent YoY.

The bank’s total assets increased to AED 73 billion, customer financing stood at AED 48 billion, rising 12 percent from 2021, with customer deposits landing at AED 55 billion, an increase of 16 percent compared to 2021.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said, “Our results are a strong indication of Emirates Islamic’s role as a key driver in the growth of Islamic banking in the UAE, empowering our customers to benefit from a buoyant UAE economy.”

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