Emirates Islamic profit rises 71% in 2023 to a record AED 2.12bln

Emirates Islamic profit rises 71% in 2023 to a record AED 2.12bln

Dubai: Emirates Islamic achieved a significant milestone in 2023, with an impressive 71% increase in net profit, reaching an unprecedented high to AED 2.12 billion. This remarkable growth can be attributed to the upward trajectory of both funded and non-funded income, indicating enhanced business sentiment. In the fourth quarter of 2023, the Bank’s total income reached AED 1.2 billion, marking a noteworthy 24% year-on-year growth. Total income increased by a significant 50% to AED 4.77 billion. These exceptional results reflect the strength of the regional economy and the Bank’s profound expertise in identifying and addressing the market demand for Islamic banking. This expertise has enabled Emirates Islamic to offer a broader range of innovative services, resulting in a robust 82% growth in operating profit. Key Highlights – FY 2023 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 AED 2.12 billion, up by 71% Net profit margin improved to 4.69%