| 19 April, 2017

Emirates Islamic posts $60mln net profit in Q1 2017

5-fold increase in profits driven by higher income and improvement in expenses

DUBAI, 19th April, 2017 (WAM) -- Emirates Islamic, one of the Islamic financial institutions in the UAE, has announced that net profit for the period ending 31st of March 2017 stands at AED 221 million, compared to AED45 million for the same period last year.

Commenting on the results, Jamal bin Ghalaita, Chief Executive Officer of Emirates Islamic, said, "Emirates Islamic has reported strong results in the first quarter of the year, with a significant five-fold increase in net profit compared to the same period last year. The positive results are driven by higher income, an 18 percent improvement in expenses and a 49 percent improvement in impairments' allowances. This reflects our strategy of profitable growth through an improved product mix combined with effective cost management".

We have worked hard to strengthen the balance sheet in recent quarters and are well positioned to focus on growing our customer base as service levels and product offerings within Islamic banking have advanced significantly, both among individuals and corporate customers. Over the years, Emirates Islamic has emerged as a pioneer in Islamic banking innovation and we will continue to focus on launching products and services that not only provide our customers a unique solution to all their banking needs but also provide them a truly superior customer experience."

© Copyright Emirates News Agency (WAM) 2017.