Emirates Islamic, which is part of Emirates NBD Group, has posted net profit of AED 804 million ($218 million) for the first nine months of 2021.
The bank attributed the jump in profit to higher non-funded income and a significant reduction in the cost of risk reflecting improved business sentiment.
The total income rose 14 percent year on year and 43 percent on the same quarter in 2020 by higher non-funded income. The bank said the total assets were AED 66 billion.
The customer financing stood at AED 42.4 billion, an increase of 4 percent from 2020.
Chairman Emirates Islamic Hesham Abdulla Al Qassim said, “We aim to set new milestones in Islamic banking and support the government’s goal of making Dubai the global capital of the Islamic economy.”
He said the bank was “proud” to support Expo 2020 as the official Islamic Banking Partner.
“Emirates Islamic sees this landmark event as an opportunity to accelerate the transformation of the world’s oldest and most relevant banking system and gain far greater reach for our industry’s ethical values through digital innovation,” he said.
Emirates Islamic net profit $218m
- The total income rose 14 percent year on year and 43 percent on the same quarter in 2020 by higher non-funded income.
- The customer financing stood at AED 42.4 billion, an increae of 4 percent from 2020.
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