Emirates Islamic Reports Record Profit of AED 2.5 Billion in First Nine Months of 2024

Emirates Islamic has achieved its highest-ever profit of AED 2.5 billion for the first nine months of 2024, marking an impressive 52% year-on-year growth. The bank's total income surged by 16% to AED 4.1 billion, driven by significant increases in both funded and non-funded income, and a 24% rise in Customer Financing. In the third quarter alone, Emirates Islamic posted a 92% rise in profit, reaching AED 835 million, while income grew 16% to AED 1.4 billion, reflecting the success of its strategic growth initiatives and operational efficiencies.

Key Highlights – 9M’24:

• Income Growth: Total income increased by 16% year-on-year, driven by higher funded and non-funded income streams.
• Cost Efficiency: Operating expenses decreased by 10% year-on-year, contributing to a 31% improvement in operating profit.
• Profit Surge: Net profit reached AED 2.5 billion, with a net profit margin of 4.5%, supported by stable profit rates in the first nine months of 2024.

Strong Capital and Liquidity:

• Total Assets: Emirates Islamic’s assets increased to AED 107 billion, maintaining a strong asset base.
• Customer Financing: Financing grew by 24% from 2023, reaching AED 67 billion.
• Customer Deposits: Deposits rose 21% to AED 74 billion, with CASA balances accounting for 72% of total deposits.
• Credit Quality: Non-performing financing ratio stood at 4.9%, with a strong coverage ratio of 135%.

Leadership Remarks:

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, expressed satisfaction with the bank’s record performance, highlighting the 52% increase in profit and the solid 4.5% net profit margin. He emphasized the bank’s commitment to providing innovative financial solutions and exceptional customer service. Al Qassim also noted the bank's leadership in digital banking innovation, with milestones such as the launch of a Digital Wealth platform and the introduction of Fractional Sukuks.

Farid AlMulla, CEO of Emirates Islamic, added that the bank's assets had grown to AED 107 billion, driven by higher income and a 24% rise in Customer Financing. He reiterated the bank's dedication to supporting the UAE’s economy, including initiatives to empower women entrepreneurs through events like the Emirati Souq.

Both executives expressed confidence that Emirates Islamic will maintain its leadership in the Islamic banking sector while supporting Dubai's goal of becoming the global capital of the Islamic economy.

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