Emirates Islamic Bank’s net profit rose 253 per cent to Dh148.6 million ($40.45m) in the first quarter of this year.

The total income grew to Dh359.2 million from Dh189.5 million during the same period last year witnessing an increase of 90pc.

The total assets reached Dh21.15 billion reflecting a 68pc growth, Customer deposits grew to Dh18.15 billion registering 68pc growth with total shareholder equity reaching Dh1.48 billion, recording an increase of 31pc. Earnings per share stood at Dh0.2 reflecting a growth of 257pc.
“The results are a direct reflection of the success of the bank’s strategy and ability to execute its plans impeccably,” said Emirates Islamic Bank CEO Ebrahim Fayez Al Shamsi.

“This has resulted in an ongoing delivery of innovative  products and services by the bank leading to a much superior customer experience in comparison to its peers.

“A strong first quarter has given us a sounding building block for the rest of the year, and we aim to build on this success in the future as well to best serve all our key stakeholders including customers, staff and our shareholder.

“The bank has also continued its tradition of delivering firsts with the latest offering being the much talked about launch of the first-ever Islamic Co-branded Airline Credit Card in the region called the Skywards Emirates Islamic Bank Credit Card.

“Our core value of putting the customer at the forefront of all that we do, continues to hold us in good stead and the results speak for themselves. I would like to thank our customers, our staff, our Shariah board and our shareholders for their unflinching support.” – TradeArabia News Service