Emirates Islamic reports highest ever full year profit of $577mln

Emirates Islamic reports highest ever full year profit of $577mln

Dubai-listed Emirates Islamic has reported a 71% profit increase in 2023 of 2.12 billion dirhams ($577 million), the highest ever.

The Islamic lender reported full year operating income of AED 4.77 billion, up from AED 3.18 billion in 2022, with a total net impairment loss for the year of AED 873 million compared to AED 403 million in 2022.

Its total assets grew by 18% to AED 88 billion during the year, with customer financing growing by 11% to AED 53.7 billion.

Customer deposits growing by 9% over the same period to reach AED 61 billion, the bank said in a filing on the Dubai Financial Market.

(Reporting by Imogen Lillywhite; editing by Brinda Darasha)

[email protected]

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2024