Emirates Islamic posts 39% growth in net profit during first half of 2019
DUBAI: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced a net profit of AED 673 million for the first half of 2019, an increase of 39% year-on-year.
The strong set of results were supported by balance sheet growth, higher funded income, growth in foreign exchange income, a tighter control on cost and lower cost of risk.
Salah Mohammed Amin, Chief Executive Officer of Emirates Islamic commented: “At Emirates Islamic, we continue to deliver robust and profitable growth, recording a net profit of AED 673million for the first half of 2019, a 39% year-on-year increase. Our performance is a result of core business growth, with both financing and customer deposits higher compared to end 2018.
“Foreign exchange income showed an upward trend, with a growing number of customers availing foreign exchange services from the Bank. The Bank’s balance sheet remains healthy with a further strengthening in capital due to retained earnings, stable credit quality and liquidity.”
Salah Amin added: “Our investment in technology and infrastructure with ongoing product innovations have contributed in strengthening customer perception of Emirates Islamic as a truly innovative Islamic bank. This was reinforced when we were recognized by Islamic Finance News as the “Most Innovative Islamic Bank” in the UAE.
“Following on from being the first Islamic bank in the UAE to offer all 3 major wallets, namely Apple Pay, Google Pay and Samsung Pay, we became the first Islamic bank in the world to launch WhatsApp Banking to our customers. Our award-winning Mobile App remains one of the most highly-rated apps among customers, as we constantly update the App with new features and benefits for our customers.”
Salah Amin concluded, “As the official Islamic banking partner of Expo 2020 Dubai, we will aim to expand the footprint of Islamic banking in the UAE and provide innovative solutions that will support the growing needs of individuals, corporates and SMEs.”