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Emirates Islamic profit leaps 39%.

Summary: Emirates Islamic on Wednesday reported a 39 per cent jump in net profit to Dh673 million for the first half of 2019, supported by balance sh...

(KT file)

Emirates Islamic on Wednesday reported a 39 per cent jump in net profit to Dh673 million for the first half of 2019, supported by balance sheet growth, higher funded income, growth in foreign exchange income, a tighter control on cost and lower cost of risk.

Total income rose 10 per cent year on year to Dh1.3 billion, as total assets grew 5 per cent to Dh61.1 billion.

Hesham Abdulla Al Qassim, chairman of Emirates Islamic, and vice-chairman and managing director of Emirates NBD, said: "Our success is a reflection of the increasing appetite for Shariah-compliant banking in the UAE and the region, and we will continue to support the vision of the Government to make Dubai the global capital of the Islamic economy."

CEO Salah Mohammed Amin said the bank's performance was a result of core business growth, with both financing and customer deposits higher compared to end 2018. "The bank's balance sheet remains healthy with a further strengthening in capital due to retained earnings, stable credit quality and liquidity."

"As the official Islamic banking partner of Expo 2020 Dubai, we will aim to expand the footprint of Islamic banking in the UAE and provide innovative solutions that will support the growing needs of individuals, corporates and SMEs," said Amin.

- issacjohn@khaleejtimes.com

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Publication:Khaleej Times (Dubai, United Arab Emirates)
Geographic Code:7UNIT
Date:Jul 18, 2019
Words:259
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