Emirates Islamic posted its highest-ever half-year profit of AED1.64 billion ($450 million) in its 20-year history, up 37 percent from last year. Total income improved 15 percent to AED2.7 billion ($740 million), while operating profit was up 40 percent.
The bank also crossed the milestone of AED100 billion in total assets, thanks to its strong capital and liquidity base. Total assets are AED102 billion ($27.77 billion), up 16 percent in 2024.
While total income was up 15 percent year-on-year driven by higher funded and non-funded income, Emirates Islamic also managed to bring down expenses by 20 percent YoY. The cost to income ratio is at 28.8 percent.
Customer financing increased 15 percent to AED62 billion ($16.88 billion), while deposits are at AED70 billion ($19.06 billion), up 14 percent from end 2023.
Farid AlMulla, Chief Executive Officer of Emirates Islamic commented: “Emirates Islamic delivered a record AED1.7 billion of profit in the first half of 2024. Strong capital and liquidity, combined with a healthy deposit mix, enabled the bank to continue supporting customers as customer financing increased by 15 percent to AED62 billion, testimony to Emirates Islamic’s successful, customer-centric strategy.
“This year, Emirates Islamic proudly celebrates 20 years of serving the UAE. The bank’s strategic investment in technology and innovation contributed to Emirates Islamic being recognised as one of the UAE’s leading Islamic banks, playing a prominent role in the country’s progress.
“We are proud to support the UAE’s positive economic growth, as we registered strong growth across the Retail, SME and Corporate segments.”
Emirates Islamic continued introducing innovative ESG-linked financial solutions and launched its first-ever 5-year USD750 million Sustainability Sukuk.
The bank also introduced several new digital initiatives, including the launch of EI+ which enhanced the banking experience for customers, with over 150 features including digital account opening. It also became the first Islamic bank in the country to introduce a Shariah-compliant digital wealth and equity trading platform on the EI+ Mobile Banking App.
The bank’s Switch Cashback Visa Credit Card was recognised as the ‘Best Islamic Card’ by The Digital Banker Global Islamic Finance Awards 2024. The card allows customers to choose and instantly switch between travel and lifestyle categories.
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