Emirates Islamic posts record $251m net profit in 2018

Chairman hails performance which sees highest ever recorded net profit since bank's inception in 2004
Emirates Islamic posts record $251m net profit in 2018
Emirates Islamic has announced a 32 percent jump in net profit.
By Sam Bridge
Wed 16 Jan 2019 02:04 PM

Emirates Islamic on Wednesday announced a 32 percent jump in net profit to AED924 million ($251.5 million) for the fiscal year of 2018, a record for the bank. 

Total income for 2018 increased by 3 percent to AED2.5 billion while total assets stood at AED58.4 billion, a fall of 6 percent compared to the end of 2017.

Financing and investing receivables at AED36.2 billion increased by 7 percent while customer deposits at AED 41.6 billion remained stable, the bank said in a statement.

Hesham Abdulla Al Qassim, chairman of Emirates Islamic, vice chairman and managing director of Emirates NBD, said: “I am extremely pleased to announce that 2018 has been another successful year for Emirates Islamic. Our strong performance this year has been capped with the highest ever recorded net profit of AED924 million, since our inception in 2004.

“We are also proud to be the official Islamic banking partner of Expo 2020 Dubai, and aim to play a key role in its implementation, with investments related to this showcase event set to grow in 2019.”

Salah Mohammed Amin, CEO of Emirates Islamic, added: “Our success in 2018 is the result of our focus on technological innovation and service excellence, and comes on the back of growth in the Bank’s financing receivables, coupled with an increase in core fee income and an improved cost of risk.”

The bank launched all three digital mobile wallets - Apple Pay, Google Pay and Samsung Pay - and introduced new services including cardless cash withdrawal.

"Going forward, we will continue to innovate and invest in digital technology to create pioneering solutions and differentiated customer experiences, while enhancing our efforts to continue educating the population on the core values and benefits of Islamic banking,” he added.

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