Emirates Islamic Bank (EIB) has reported a net profit, excluding depositors’ share, of Dh320 million ($87 million) for the first half of this year, up 321 per cent compared to Dh76 million ($20.7 million) for the same period last year.

Total income almost doubled to Dh780 million ($212 million) from Dh401 million ($109 million) last year.

Depositors’ share of profit shot up to Dh 266 million ($72 million). EIB’s total assets went up 100 per cent to Dh 26 billion ($7 billion) compared to last year.

The bank's customer accounts grew 95 per cent to Dh 22.3 billion ($6 billion) compared to last year.

"Although the bank was only founded towards the end of 2004, we have become one of the UAE’s fastest growing and most highly developed banks. And currently we maintained our position as one of the highest profit distributors on customer deposits in the UAE as well,” said Ebrahim Fayez Al Shamsi, CEO, EIB.

“The bank is moving ahead, developing banking services according to Shari’ah values with a modern and state-of-the-art products and services to cater to the individual needs of our diverse community,” he added. - TradeArabia News Service