Emirates Islamic reports record profit of $288.86m

      Published on Wednesday, 11 March , 2020      538      
Emirates Islamic reports record profit of $288.86m

  • Business

Emirates Islamic, a leading Islamic bank in the region, delivered strong results for the year ending on December 31, 2019, with a net profit of Dh1.061 billion ($288.86 million), the highest ever in the bank’s history.

This was revealed at the bank’s 44th General Assembly Meeting at the Emirates NBD Bank Head Office in Deira.

Commenting on the bank’s performance, Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD, said:

“As the Islamic banking partner of choice for UAE nationals and residents, Emirates Islamic continued to play an instrumental role in driving growth in the Islamic finance sector.”
Emirates Islamic full year 2019 financial highlights:
• Net profit for the year increased by 15%, reaching Dh1.061 billion.
• Total Income for 2019 increased by 8% to Dh2.7 billion.
• Financing and investing receivables at Dh37.5 billion, increased by 4% from end 2018.
• Customer deposits at Dh45.3 billion, increased by 9% from end of 2018. Current and saving accounts balances represent 63% of total customer deposits.
• Headline financing to deposits ratio at 83%, demonstrates healthy liquidity position.
• Tier 1 capital ratio at 19.5% and capital adequacy ratio at 20.7%.
• Impaired financing ratio is at 7.6% with a strong coverage ratio of 120%.
Hesham Al Qassim added:
“Looking ahead to 2020, Emirates Islamic maintains a positive outlook, with Expo 2020 Dubai set to deliver a significant boost to the economy as millions of visitors are expected to join the mega-event. Emirates Islamic will continue to play an instrumental role in contributing to growth and innovation in the Islamic banking sector, working to educate more individuals and institutions in the UAE about the benefits of Islamic banking solutions.” 

Category Business | 2020/03/11 latest update at 12:30 PM
Source : GDN Online | Photocredit : Google
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