Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Emirates Islamic achieves record profit of AED 811 million in first quarter of 2024 – Business – Economy and Finance

Reading Time: 2 minutes

Emirates Islamic, one of the leading banks in the UAE, has reported a record-breaking profit of AED 811 million in the first quarter of 2024, marking a significant 35% increase compared to the same period last year. This exceptional financial performance can be attributed to a strong 19% growth in total income, driven by higher funded and non-funded income streams.

The bank’s operating profit also saw a remarkable surge of 28% year-on-year, highlighting its operational efficiency and strategic financial management. This positive trend reflects the overall economic outlook in the region, indicating a buoyant and thriving economy.

Key highlights from the first quarter of 2024 include a substantial increase in total income, with both funded and non-funded income contributing to this growth. Despite a 1% rise in operating expenses, the bank maintained a cost-to-income ratio of 28.4%, demonstrating its commitment to investing in future growth while managing costs effectively. Additionally, impairment allowances decreased by 56% year-on-year, further strengthening the bank’s financial position.

Emirates Islamic’s net profit reached a record AED 811 million, with a net profit margin of 4.7%. This solid performance is a testament to the bank’s strong capital and liquidity position, which has enabled it to continue supporting customers and driving growth in key areas.

Total assets for the bank stood at AED 95.0 billion, representing an 8% increase from the end of 2023. Customer financing also saw a significant uptick, reaching AED 57.0 billion, a 6% increase from the previous year. Customer deposits grew to AED 66.7 billion, with Current Account and Savings Account balances accounting for 77% of total deposits.

In terms of credit quality, the non-performing financing ratio improved to 5.8%, with a robust coverage ratio of 133%. The bank’s capital position remains strong, with a Tier 1 ratio of 18.8% and a capital adequacy ratio of 19.9%. The Headline Financing to Deposit ratio, at 85.5%, reflects healthy liquidity in the UAE market.

Overall, Emirates Islamic’s stellar performance in the first quarter of 2024 underscores its resilience, strategic focus, and commitment to delivering value to its customers and stakeholders. With a solid financial foundation and a positive economic outlook, the bank is well-positioned to navigate challenges and seize opportunities in the dynamic banking landscape of the UAE.

Taylor Swifts New Album Release Health issues from using ACs Boston Marathon 2024 15 Practical Ways To Save Money