Dubai - Mubasher: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has reported a 43% year-on-year growth in net profit for the first nine months of 2019, recording AED 937 million.

The bank’s total income stood at AED 2.1 billion during the nine-month period ended 30 September 2019, increasing by 11% year-on-year, according to a press release.

Moreover, funded Income margin advanced by 20 basis points year-on-year to 3.17% during the January-September period of 2019, Emirates Islamic highlighted.

Total assets grew by 8% to AED 62.7 billion as at 30 September 2019, from assets as at 31 December 2018, the bank noted.

During the first nine months of the year, impaired financing ratio stood at 8.7% with a solid coverage ratio of 115%, the bank listed on the Dubai Financial Market (DFM) indicated.

Salah Mohammed Amin, CEO of Emirates Islamic, commented: “I am pleased to announce Emirates Islamic’s results for the first nine months of 2019, reporting the highest ever net profit of AED 937 million for this comparable period since our inception in 2004. […] Our customer deposits are up 9% during 2019, with current and saving account balances up by 3% during the same period. The Bank’s balance sheet remains healthy with Tier 1 capital ratio at 19.2% and Capital Adequacy ratio of 20.4%.”

“We were the first Islamic bank in the world to launch WhatsApp Chat Banking earlier this year, with high adoption rates. We also became the first Islamic Bank in the UAE to offer Visa’s Dynamic Currency Conversion solution for all non-UAE Visa cardholders. Our Credit cards have been very popular among UAE customers, and we recently launched Cashback Souk; an exclusive online portal for Emirates Islamic card members offering up to 25% cash-back on over 1,500 global brands,” Amin added.

It is worth noting that Emirates Islamic was recently named as the Best Islamic Bank in the UAE in 2019 at the World Finance Islamic Finance Awards 2019.

In the first half of 2019, Emirates Islamic recorded a net profit of AED 673 million, increasing by 39% year-on-year.

Source: Mubasher

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