Dubai-listed Emirates Islamic has reported a 71% profit increase in 2023 of 2.12 billion dirhams ($577 million), the highest ever.

The Islamic lender reported full year operating income of AED 4.77 billion, up from AED 3.18 billion in 2022, with a total net impairment loss for the year of AED 873 million compared to AED 403 million in 2022.

Its total assets grew by 18% to AED 88 billion during the year, with customer financing growing by 11% to AED 53.7 billion.

Customer deposits growing by 9% over the same period to reach AED 61 billion, the bank said in a filing on the Dubai Financial Market.

(Reporting by Imogen Lillywhite; editing by Brinda Darasha)

Imogen.lillywhite@lseg.com