Emirates Islamic’s net profit jumped to AED569 million ($155m) in the first half of 2021, and total income was up 3 percent year on year for the bank, which is part of Emirates NBD Group.
The Dubai-based bank’s net profit rose on the back of higher non-funded income, lower costs and lower impairment allowances, according to a statement on Wednesday.
“As the UAE economy continues to recover, we are pleased to report a strong first-half profit, highlighting Emirates Islamic’s key role in the growth of Islamic banking in the UAE,” said chairman Hesham Abdulla Al Qassim.
The bank’s total assets stood at AED68 billion ($18bn), with customer financing at AED41.5bn ($11.3bn), increasing two percent from 2020, and customer deposits at AED48.8bn ($13bn), up four percent from 2020.
The bank was the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay and was the first bank in the world to launch a chat service for customers via messaging platform WhatsApp.
“On the digital front, we will continue to innovate by launching new products, channels and services that enhance our customers’ lifestyles and demonstrate our leadership in digital banking,” Al Qassim said.
The bank has 41 branches and 179 ATMs and CDMs across the UAE.
“Emirates Islamic has always played an integral part in the UAE’s growth and development. In our role as the official Islamic banking partner of Expo 2020 Dubai, we are committed to contributing substantially to the economy’s growth and expanding the importance of Islamic banking in the UAE,” Salah Mohammed Amid, CEO of Emirates Islamic, said.
Earlier on Wednesday, Emirates NBD posted a half-yearly profit of $1.3bn.
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