Emirates Islamic holds its 47th General Assembly Meeting

Emirates Islamic holds its 47th General Assembly Meeting

Dubai: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, held its forty-seventh General Assembly Meeting, on 22nd February 2023.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, and Vice Chairman and Managing Director of Emirates NBD, presented a comprehensive review of the financial year ended 31 December 2022.

Commenting on the bank’s performance, Hesham Abdulla Al Qassim said: “We are delighted to announce that Emirates Islamic delivered its highest ever net profit of AED1.24 billion in 2022, marking a significant 51% increase compared to 2021. This remarkable achievement within a competitive market reflects our resilience and ingenuity in staying ahead of the curve, solidifying our firm position on the global Islamic banking map.” Emirates Islamic Full year 2022 Financial Highlights:

Strong operating performance on higher funded income and non-funded income coupled with a reduction in cost of risk • Total income up 33% y-o-y driven by higher funded income and non funded income as a result of improved financing and deposit mix with higher profit rates feeding through to net profit margin • Operating expenses increased 29% y-o-y as the Bank invests for future growth

• Impairment Allowances increased 5% y-o-y due to financing growth with a lower cost of