Dubai-listed Emirates Islamic on Thursday reported a record 35% Q1 2024 net profit increase of 811 billion dirhams ($221 million).

The Islamic lender reported total income of AED 1.34 billion, up 19% on higher funded and non-funded income streams, the bank said in a filing on the Dubai Financial Market.

Impairment allowances fell 56% year-on-year (YoY) to AED 68.5 million, the shariah complaint subsidiary of Dubai's Emirates NBD said.  

Total assets grew 8% to AED 95 billion from end 2023 while customer financing rose by 6% to AED 57 billion.

Customer deposits grew by 9% over the same period to reach AED 66.7 billion.

(Writing by Brinda Darasha; editing by Daniel Luiz)