Emirates Islamic delivers highest ever half-year net profit

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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