Emirates Islamic Bank sees Q3 net profit soar by 32%

Emirates Islamic CEO says to continue digital transformation as lifestyle of customer are 'rapidly evolving'
Emirates Islamic Bank sees Q3 net profit soar by 32%
Emirates Islamic Bank on Tuesday delivered a 32 percent increase in net profit for the third quarter.
By Sam Bridge
Tue 30 Oct 2018 02:18 PM

Emirates Islamic Bank on Tuesday delivered a 32 percent increase in net profit for the third quarter of 2018 compared to the year-earlier period.

Net profit reached AED657 million while total incomeincreased by two percent to AED1.8 billion, the bank said in a statement.

Financing and investing receivables at AED36.3 billion, increased by seven percent from the end of 2017, while customer deposits rose by 1 percent to AED42.4 billion with current and saving account balances also up one percent from the end of 2017.

Salah Mohammed Amin, CEO of Emirates Islamic, said: "We continue to deliver profitable growth with net profit for the first nine months up by 32 percent over the same period last year. The increase in profitability is on the back of growth in financing receivables and investments securities, coupled with an increase in core fee income and a lower cost of risk.

"The bank’s balance sheet is strongly positioned with robust liquidity, solid capital ratios and a further improvement in credit quality, as we continue to expand our presence in the Islamic banking sector."

He added: “The lifestyles of our customers are rapidly evolving, as they seek more convenience and the best in customer service from their banks. We continue to invest in technology, with a clear purpose of simplifying day-to-day banking for our customers and providing them with a superior customer experience. I am confident this will set us apart from our competitors and help us benefit from current market opportunities.”

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