Dubai –  Emirates Islamic Bank’s net profits increased by 23% year-on-year (YoY) during the first half (H1) of 2022 to stand at AED 701 million.

The profit rise was driven by higher funded and non-funded income, coupled with lower impairment allowances, according to a bourse filing on Thursday.

In the meantime, the bank’s total income grew by 16% YoY in H1-22, expenses increased by 13% YoY, whilst total assets hiked by 14% YoY to stand at AED 74 billion in H1-22.

It is noteworthy to mention that in 2021, Emirates Islamic Bank achieved net profits of AED 823.085 million, against net losses of AED 482.225 million in 2020.

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