Dubai’s Emirates Islamic Bank has achieved its highest-ever profit, reporting Dh2.5 billion for the first nine months of 2024, a 52% increase compared to the same period last year. The bank’s total income grew by 16%, reaching Dh4.1 billion, driven by significant increases in both funded and non-funded income, alongside a 24% rise in customer financing.
In the third quarter alone, Emirates Islamic recorded a 92% rise in profit, amounting to Dh835 million, while total income grew by 16%, reaching Dh1.4 billion. This growth highlights the bank’s strategic initiatives and operational efficiency.
Strong Asset Base and Increased Customer Financing
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, highlighted that the bank maintained a healthy net profit margin of 4.5% over the first nine months of 2024. Emirates Islamic’s total assets increased to Dh107 billion during this period, showcasing its solid asset base.
The bank also saw a 24% increase in customer financing, reaching Dh67 billion, while customer deposits surged by 21% to Dh74 billion. Farid AlMulla, CEO of Emirates Islamic, emphasized the bank’s strong capital and liquidity position, which allowed it to better support customers and businesses.
Operational Efficiency and Cost Reduction
Despite significant growth, the bank managed to decrease expenses by 10% year on year, leading to a 31% improvement in operating profit. Emirates Islamic continues to focus on efficiency while expanding its customer base and services.
Leadership in Islamic Digital Banking Innovation
Emirates Islamic remains at the forefront of digital banking innovation within the Islamic finance sector. The bank was the first in the UAE to launch a Digital Wealth platform via its mobile banking app and the first in the region to offer fractional sukuks for investors.
AlMulla added that the bank is committed to supporting the diverse needs of individuals, entrepreneurs, corporations, and SMEs through pioneering innovations in the Islamic banking space.
