Emirates Islamic’s earnings have rebounded on the back of higher non-funded income and lower impairment allowances.
The Islamic lender reported on Wednesday a net profit of 804 million dirhams ($218.8 million) for the first nine months of the year, up 358 percent from a year ago, when net losses reached 311 million dirhams.
Total income also grew 14 percent year-on-year to 1.798 billion dirhams during the same period, while expenses fell one percent year-on-year to 808 million dirhams.
In a statement to the Dubai Financial Market (DFM), the bank said it has achieved “strong capital and liquidity”, combined with a “healthy deposit mix”.
It said total assets have remained “robust” at 66 billion dirhams, while customer financing went up 4 percent to 42.4 billion dirhams. Total customer deposits also rose 4 percent to 48.9 billion dirhams.
“As a key contributor to the development of the overall Islamic finance sector, Emirates Islamic has asserted its position as a leading financial institution in the UAE, and this is reflected in our financial performance,” said Salah Mohammed Amin, the bank’s CEO.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021