Emirates Islamic holds its 48th General Assembly Meeting

Emirates Islamic holds its 48th General Assembly Meeting

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, held its forty-eighth General Assembly Meeting, on 21 February 2024.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 2023.Commenting on the bank’s performance, Hesham Abdulla Al Qassim said: “Emirates Islamic has achieved a significant milestone in 2023, delivering its highest ever net profit of AED2.12 billion, marking a substantial 71% increase compared to 2022. Our outstanding performance underscores our resilience amidst global economic uncertainties and reaffirms our strong position in the regional Islamic banking landscape.” Emirates Islamic Full year 2023 Financial Highlights:Strong operating performance on higher funded and non-funded income• Total income up 50% y-o-y driven by financing growth, low cost funding base and increased transaction volumes• Operating expenses increased 15% y-o-y as the Bank invests for future growth• Impairment Allowances increased 117% y-o-y due to financing growth• Operating profit improved 82% y-o-y• Net profit increased to a record AED2.12 billion, up by 71%• Net profit margin improved to 4.69%Strong capital and liquidity combined with a healthy deposit mix enables the Bank to continue supporting customers. • Total assets increased by