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Mon 27 Jan 2020 01:51 PM

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Emirates Islamic's full-year net profit exceeds AED1bn mark for first time

Net profit for the year increased by 15% while total income for 2019 increased by 8%, says Islamic banking giant

Emirates Islamic's full-year net profit exceeds AED1bn mark for first time

UAE-based Emirates Islamic has reported net profit of AED1.06 billion ($272 million) for the full-year, surpassing the one billion dirham mark for the first time.

Net profit for the year increased by 15 percent while total income for 2019 increased by 8 percent to AED2.7 billion.

Total assets at AED64.8 billion increased by 11 percent from end-2018 while customer deposits at AED45.3 billion increased by 9 percent in the same period.

Current and saving accounts balances represent 63 percent of total customer deposits, the bank said in a statement.

Hesham Abdulla Al Qassim, chairman of Emirates Islamic, said: “I am pleased to announce that Emirates Islamic has recorded another impressive performance in 2019... We look forward to welcoming the world to Expo 2020 Dubai, and as the official Islamic banking partner of the showcase event, we will aim to take Islamic banking and its principles of integrity and transparency to the world.”

Salah Mohammed Amin, CEO of Emirates Islamic added: “In 2019, we increased our customer footprint across our Retail, Business and Wholesale Banking segments, driven by digital innovations and increased focus on customer service."

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