DUBAI, UAE: The Emirates Islamic achieved its highest ever half-year profit, with a remarkable 37 percent increase to AED 1.7 billion in the first half of 2024.
This exceptional performance was propelled by superior levels of both funded and non-funded income, underlining the Bank’s consistent growth trajectory.
The total income saw a notable 15 percent improvement, reaching 2.7 billion while operating profits surged by 40 percent.
The Bank’s strong capital and liquidity base enabled the balance sheet to surpass the AED 100 billion landmark.
As Emirates Islamic celebrates its 20th anniversary, its valuable contribution to the development of the UAE’s economy is recognised with the ‘Best Overall Islamic Bank’ and ‘Most Innovative Islamic Bank’ awards at the Islamic Finance News Awards 2024 and ‘Most Innovative Islamic Bank’ award at the prestigious Euromoney Islamic Finance Awards 2024.
Key Highlights
Strong operating performance on higher funded income and non-funded income
- Total income up 15% year-on-year driven by higher funded and non-funded income
- Expenses decreased 20% year-on-year. Cost to income ratio at 28.8%
- Impairment Allowances decreased by 46% year-on-year on buoyant and healthy U.A.E. economy
- Operating profit improved 40% year-on-year
- Net profit sharply increased to AED 1,664 million on higher income and lower impairment allowances
- Net profit margin at 4.56%
الإمارات الإسلامي يسجل أرباحاً قياسية في النصف الأول من عام 2024
– أرباح
1.7 مليار درهم
%37 ⬆️– إجمالي الأصول
100 مليار درهم– إجمالي الدخل
2.7 مليار درهم
%15 ⬆️– الأرباح التشغيلية
%40 ⬆️https://t.co/LrZulMr08c pic.twitter.com/M5v8uk0wxl— Dubai Media Office (@DXBMediaOffice) July 18, 2024
Strong capital and liquidity combined with a healthy deposit mix empowering the Bank to provide improved products to customers
- Total assets surpass the AED 100 billion mark at AED 102 billion, increasing 16% in 2024
- Customer financing at AED 62 billion, increased 15% from end 2023
- Customer deposits at AED 70 billion, increased 14% from end 2023 with Current and Saving Account balances at 73% of deposits
- Credit Quality: Non-performing financing ratio improved to 5.2% with strong coverage ratio at 135%
- Capital: Common Equity Tier 1 ratio at 18.4% and Capital adequacy ratio at 19.6% reflect the rock solid capital base of the Bank
- Headline Financing to Deposit ratio at 88% comfortably within the management’s target range
