UAE’s Emirates Islamic saw its profits jump by 271 percent to reach AED 823 million ($224 million) in 2021 with the bank citing a significant reduction in the cost of risk, reflecting a strong economic recovery.

Following a loss of AED 482 million in 2020, the bank said it had seen a strong operating performance in 2021 with total income up by 15 percent to AED 2.398 billion.

Its expenses also rose by 10 percent to reach AED 1.191 billion, but the bank’s chairman said it had maintained healthy and strong capital ratios and had grown customer financing by four percent.

Hesham Abdulla Al Qassim said: “During 2021, one of Emirates Islamic’s major achievements was the successful issuance of a US$500 million 5-year Sukuk.

“This issue was well received by the global investment community, demonstrating strong investor confidence in our financials and growth outlook, as well as the favourable outlook for the UAE economy.”

CEO Salah Mohammed Amin said the bank’s customer deposits had grown by one percent to reach AED 47.3 billion, with current and saving account balances up by 9.4 percent.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

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