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Thursday, 25 April 2024
Emirates Islamic posts 43% increase in net profit for first nine months of 2019
The bank reported its assets grew to AED 62.7 billion for the first nine months of 2019. (File photo Reuters)

Emirates Islamic, a UAE-based Sharia-compliant banking institution, reported a net profit of 937 million dirhams ($255.14 million) for the first nine months of 2019, a 43 percent year-on-year increase.

Total income for the same period was reported at AED 2.1 billion, an 11 percent increase year-on-year, with total assets increasing 8 percent from end 2018 to AED 62.7 billion.

Customer accounts increased 9 percent from end 2018 to AED 45.2 billion, with current and savings accounts balances up 3 percent in the same period.

The bank’s balance sheet showed a high Tier 1 capital ratio at 19.2 percent, considered a core measure of a bank’s financial strength and represents funds that can support the bank when losses are absorbed. The capital adequacy ratio (CAR) stood at 20.4 percent, a measure demonstrating the bank’s ability to withstand losses.

“We have taken advantage of the increasing uptake of Islamic banking products in the UAE,” said Emirates Islamic Chief Executive Officer Salah Mohammed Amin.

“Customer experience has been a primary focus of Emirates Islamic, and we constantly strive to set ourselves apart through the adoption of best-in-class practices, the latest technology and digital innovations,” he added.

source:Matthew Amlôt