Sunday 9 December 2018

Jamal Bin Ghalaita

Emirates Islamic 9-month profit tops $135m

DUBAI, October 30, 2017

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has posted a net profit of Dh498 million ($135.5 million)for the nine months ending September 30 compared to Dh106 million for the same period last year.

Total Income for the first nine months (net of customers’ share of profit and distribution to Sukuk holders) declined by 6 per cent to Dh1.8billion compared to the same period last year.  This is mainly due to lower one off gains from the sale of investment properties, a bank statement said.

Jamal Bin Ghalaita, chief executive officer of Emirates Islamic said: “After a challenging 2016, our results have shown a strong improvement with a net profit of Dh498 million, compared to Dh106 million in the same period last year. The results reflect our policies of effective cost management combined with prudent risk management.”

“We continue to stringently manage our expenses, with operating cost down by 13 per cent compared to the same period last year. Net Impairment allowances have improved by 41 per cent year on year due to effective remediation and an improved cost of risk associated with both corporate and retail financing receivables. Current and Savings account balances represent 70 per cent of total customer deposits compared with 67 per cent at the beginning of the year, reflecting the Bank’s focus on improving its average cost of funding.

“We are well positioned to benefit from current market opportunities as a result of our investment in technology and innovation. Digital transformation has been a key driver of improving the customer experience at Emirates Islamic. Recent digital initiatives include the launch of our revamped Mobile Banking app and QuickRemit foreign exchange transfers. Looking ahead, we will continue to provide our customers with market-leading products and services, leveraging on the benefits of the fast-growing Fintech industry,” he added. – TradeArabia News Service

Tags: profit | Emirates Islamic |

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