Dubai: Emirates Islamic Bank, a leading Islamic financial institution in the UAE, has reported a net profit of Dh137 million for the first half of 2016, according to a statement from the bank.
For the second quarter of 2016, the bank reported a net profit of Dh92 million up 104 percent as compared with Dh45 million in the first quarter of 2016. Total Income (net of customers’ share of profit) grew by 11 percent to Dh1.23 billion compared to the total income (excluding one offs) for the same period last year.
Total assets at Dh 57.2 billion was up 8 percent from end of 2015. Financing and investing receivables at Dh 39.1 billion, were up 14.5 percent from end of 2015. Customer deposits at Dh 41.8 billion were up 6.2 percent from end of 2015 with current and savings accounts balances, up 10.2 percent from end of 2015.
Headline financing to deposits ratio at 93.7 percent remains comfortably within the management’s target range.
Credit quality improved as the Impaired Financing ratio strengthened from 8.8% to 8.5 percent and coverage ratio advanced from 89.5 percent to 90.7 percent.
Chairperson of Emirates Islamic Bank, Vice Chairman and Managing Director of Emirates NBD Hesham Abdulla Al Qassim, said: “We are extremely pleased with our strong growth and performance that underlines the growing relevance of Islamic banking in current times.
"Our investment in product innovation has been favorably received and is reflected in the tremendous growth in our retail books as well as an increase in successful transactions on the wholesale banking front.”
“With the launch of our recent record breaking Sukuk that was oversubscribed by three times the nominal amount, it is evident that there is a large appetite for Shari’ah compliant financing in the region.
"And, as the fastest growing bank in the UAE, we are confident that we will continue to make strides and set new benchmarks for the Islamic and overall banking sector and make our contribution to the government’s goal of making Dubai the world capital of Islamic economy,” continued Al Qassim.
From his side, Chief Executive Officer of Emirates Islamic Jamal Bin Ghalaita, he added, “Our strong results reflect Emirates Islamic’s leadership position in the UAE’s Islamic banking sector.
"Our investment in technology and infrastructure with recent product innovations such as social banking for customers and further developments to the Emirates Islamic mobile app have contributed to significantly strengthening our customer proposition.”
“We have also made strong strides in wholesale banking with our recent financing deal in partnership with Natixis, to close the largest collateralized Murabaha transaction this year, the first of its kind executed on the pioneering Nasdaq Dubai Murabaha platform.
Emirates Islamic was named the fastest growing bank, UAE at the recent Banker Middle East Industry Awards 2016, in recognition of its exceptional growth in 2015.
The bank was also recognized among Global Finance’s 2016 ‘The Innovators’ of Islamic Finance for EI trade, the world’s first of its kind Shari’ah-compliant online Trade Finance and Supply Chain platform.
In addition, the Emirates Islamic was named Best Retail Bank, UAE, Best Commercial Bank UAE and Best Wealth Management, ME at CPI Financials Islamic Business & Finance Awards.
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