Dubai – Mubasher: The net profits of Emirates Islamic Bank hiked by 35% year-on-year (YoY) to AED 811.44 million in the first quarter (Q1) of 2024 from AED 600.86 million.
Total operating income amounted to AED 1.34 billion in Q1-24, an annual rise of 19% from AED 1.13 billion, according to the consolidated interim financials.
Earnings per share (EPS) hit AED 0.14 at the end of March 2024, higher than AED 0.11 in the year-ago period.
The total assets grew by 8% YoY to AED 95.03 billion as of 31 March 2024 from AED 87.81 billion, while the customer deposits increased by 9% YoY to AED 66.70 billion from AED 61.31 billion.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said: "The bank’s total income grew 19% compared to Q1-23, with customer deposits increasing by 9% from end 2023, with Current Account and Savings Account balances at 77% of total deposits.”
“The bank recently announced the successful conclusion of its debut $500 million syndicated financing facility. The landmark three-year term financing facility is the first of its kind raised by a Shariah-compliant financial institution,” Al Qassim indicated.
In the 12-month period that ended on 31 December 2023, the lender achieved its highest-recorded level, registering 71% YoY higher net profits at AED 2.12 billion.
