Jamal Bin Ghalaita, CEO, Emirates Islamic
Emirates Islamic Q1 profit surges to $60m
UAE, 7 days ago
Emirates Islamic, a leading Islamic financial institution in the UAE, has reported a five-fold growth in its net profit which soared to Dh221 million ($60.16 million) for the first quarter from Dh45 million ($12.25 million) for the same period in 2016.
The institutions’ total income for the first quarter (net of customers’ share of profit and distribution to Sukuk holders) grew by 4 per cent to Dh601 million ($163.6 million) compared to Dh579 million ($157.6 million) in the last quarter of 2016, said a statement from Emirates Islamic.
The total assets reached Dh60 billion ($16.3 billion), up 1.3 per cent from the end of 2016, it said.
The group's financing and investing receivables and customer deposits remain flat at Dh36 billion ($9.80 billion) and Dh41 billion ($11.1 billion) respectively compared to end of last quarter of 2016.
While current and saving accounts balances are up 3 per cent from the end of 2016, it added.
On the performance, CEO Jamal Bin Ghalaita said: "Our bank has reported strong results in the first quarter of the year, with a significant five-fold increase in net profit compared to the same period last year."
“The positive results are driven by higher income, an 18 per cent improvement in expenses and a 49 per cent improvement in impairments allowances. This reflects our strategy of profitable growth through an improved product mix combined with effective cost management,” he stated.
“We have worked hard to strengthen the balance sheet in recent quarters and are well positioned to focus on growing our customer base as service levels and product offerings within Islamic banking have advanced significantly, both among individuals and corporate customers,” he added.-TradeArabia News Service