Dubai-listed Shariah-compliant lender Emirates Islamic saw its earnings increase by more than half during the first three months of the year, as improved customer confidence led to higher uptake of retail products and growth in card spending.
Total net profit for the first quarter of 2022 reached 342 million dirhams ($93.1 million), up by 62 percent compared to the same period in 2021, according to a disclosure on Nasdaq Dubai on Thursday.
The rise in net profit was due to a 14 percent growth in income and a 72 percent improvement in provisions, according to Hesham Abdulla Al Qassim, Chairman of Emirates Islamic.
“As the UAE steadily delivers higher economic growth, customer confidence is at an all-time high. This was reflected in increased appetite for retail products, growth in card spending and 9 percent growth in customer deposits,” Al Qassim said.
The lender’s total assets also grew by 8 percent to 70.1 billion dirhams, while total income for the quarter went up 14 percent to 652 million dirhams. Customer financing grew by 6 percent to 45.2 billion dirhams.
(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)