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|17 April, 2019

Emirates Islamic Q1 profits surge 97%

The bank’s total assets amounted to AED 60.6 billion

A man walks past a branch of Emirates Islamic Bank along Khalid Bin Al-Waleed Road in Dubai

A man walks past a branch of Emirates Islamic Bank along Khalid Bin Al-Waleed Road in Dubai

REUTERS/Mosab Omar

Dubai – Mubasher: Emirates Islamic Bank achieved a net profit of AED 411 million during the first quarter of 2019 compared to AED 209 million in the same period last year.

The bank, listed on the Dubai Financial Market (DFM), registered a year-on-year jump of 97% in net profit, the highest earnings since Emirates Islamic was founded in 2004.

Emirates Islamic registered a total operating income of AED 663 million during Q1-19, according to a bourse disclosure on Wednesday.

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The bank’s total assets amounted to AED 60.6 billion, 4% higher from the end of 2018.

Furthermore, financing and investing receivables reached AED 36.4 billion, up 1% from the end of 2018.

Customer accounts at Emirates Islamic Bank totalled AED 43.4 billion in Q1-19, a rise of 4% when compared to end-2018.

Source: Mubasher

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