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Emirates Islamic posts $56.8m profit for Q1

DUBAI, April 18, 2018

Emirates Islamic, a leading bank in the UAE, has reported a net profit of Dh209 million ($56.8 million) for the first quarter of 2018, marking a 2 per cent rise quarter-on-quarter (q-o-q) and drop of 6 per cent year-on-year (y-o-y).

Emirates Islamic, a leading Islamic financial institution in the UAE, has reported a net profit of Dh209 million ($56.8 million) for the first quarter of 2018, marking a 2 per cent rise quarter-on-quarter (q-o-q) and drop of 6 per cent year-on-year (y-o-y).

The increase in net profit was supported by growth in core income, efficient cost management and an improved cost of risk, a statement said, adding the bank’s balance sheet remains strong with improvements in credit quality and liquidity, a statement said.

The bank posted a total income of Dh590 million, which declined by 1 per cent q-o-q and 2 per cent y-o-y due to lower gains from the sale of investments.

Jamal Bin Ghalaita, chief executive officer of Emirates Islamic stated: “Emirates Islamic has reported another strong set of results in the first quarter of 2018, following our record performance in 2017. The results reflect our continued focus in providing our customers with the best in Islamic banking products and services, growth in core income combined with prudent provisioning. An enhanced collection drive and reduced cost of risk resulted in 24 per cent lower impairments as compared to the same period last year.”

“We have focused on improving our liabilities mix, leading to a 3 per cent increase in current and savings accounts balances which represent 67 per cent of total customer accounts. The Islamic banking sector continues to grow steadily in the UAE and we are well positioned to take advantage of this growth to increase our market share. Additionally, our ongoing investments in the latest technology and digital banking solutions have helped us provide our customers with a superior service experience.

“As one of the nation’s leading Islamic banks, we have played an active role in giving back to the community and in 2017, we contributed funds to a number of charitable institutions and deserving causes. 2018 is the Year of Zayed and we will aim to uphold the values of the late Sheikh Zayed Bin Sultan Al Nahyan, our nation’s founding father, by continuing to support those in need through the Emirates Islamic Charity Fund,” Bin Ghalaita added.

Emirates Islamic has been at the forefront in developing unique Islamic banking solutions for its customers. Aligned to this, the bank recently announced a tie up with Union Coop, the UAE’s largest consumer cooperative to convert its physical share certificates to electronic form through an innovative solution provided by Emirates Islamic Financial Brokerage, the brokerage arm of Emirates Islamic.

The bank was also recognised for the enhancements in customer experience made to its branch network as it won the “Most Improved Branches” award at the Customer Experience Benchmarking Index Awards, an annual survey conducted by Ethos Integrated Solutions. – TradeArabia News Service




Tags: Emirates Islamic | Net Profit | 2018 |

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