Emirates Islamic announces H1 2022 financial results

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