Emirates Islamic announces H1 2022 financial results
- Date: 28-Jul-2022
- Source: Zawya
- Sector:Financial Markets
- Country:UAE
Emirates Islamic announces H1 2022 financial results
Emirates Islamic’s net profit jumped 23% to AED 701 million for the first half of 2022 on higher funded and non-funded income with a significant reduction in the cost of risk reflecting improved business sentiment.
Key Highlights – First Half 2022
- Strong operating performance on higher funded and non-funded income coupled with disciplined cost management action
- Total income up 16% y-o-y driven by higher funded and non-funded income
- Expenses increased 13% y-o-y as EI invests for future growth
- Impairment Allowances reduced 12% y-o-y reflecting improved business sentiment
- Operating profit improved 19% y-o-y
- Net profit increased 23% to AED 701 million on the back of higher funded and non-funded income, coupled with lower impairment allowances
- Net profit margin at 2.92% reflecting the increase in profit rates in the first half of 2022
- Strong capital and liquidity combined with a healthy deposit mix enabled the Bank to support customers
- Total assets grew strongly by 14% to AED 74 billion in H1 2022
- Customer financing at AED 47 billion, increased 11% from end 2021
- Customer deposits at AED 54 billion, increased 15% from end 2021 with CASA balances at 76% of deposits
- Credit Quality: Non-performing financing ratio improved to 7.1%. Coverage ratio strong at