Emirates Islamic delivers highest ever half-year net profit
- Date: 27-Jul-2023
- Source: Khaleej Times
- Sector:Financial Services
- Country:UAE
Emirates Islamic delivers highest ever half-year net profit
Net profit jumps 73 per cent to Dh1.2 billion during the first half
Emirates Islamic's pperating profit improved 77 per cent year-on-year. — KT file
By WAM Published: Thu 27 Jul 2023, 6:45 PM
Emirates Islamic on Wednesday delivered its highest-ever first-half net profit, rising 73 per cent year-on-year to Dh1.2 billion.
This record profit was driven by higher funded and non-funded income reflecting improved business sentiment, the bank said.
Total income was up 71 per cent year-on-year, driven by higher funded and non-funded income. Expenses increased 63 per cent year-on-year as the bank invested in future growth projects.
Impairment allowances benefitted from strong recoveries, delivering a healthy 60 basis point cost of risk.
Operating profit improved 77 per cent year-on-year. Net profit margin at 4.74 per cent following stable profit rates in the first half of 2023.
Strong capital and liquidity combined with a healthy deposit mix enabled the bank to provide improved products to customers.
Total assets, at Dh79 billion, increased 6 per cent from end-2022. Customer financing at Dh51 billion, increased 5 per cent from end 2022 while customer deposits rose 3 per cent to Dh58 billion during the period with current and saving account (CASA) balances at 77 per cent of deposits.
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