Emirates Islamic Announces First Quarter 2016 Results
April 19, 2016
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced its results for the period ending March 31, 2016.
- Net profit for Q1 2016 at AED 45 million.
- Total Income (net of customers’ share of profit) of AED 607 million, up 15% from a base of AED 526 million (excluding property sale) in Q1 2015.
- Total Assets at AED 56 billion, up 6% from end 2015.
- Financing and investing receivables at AED 37.2 billion, up 9% from end 2015.
- Customer Deposits at AED 40.2 billion, up 2% from end 2015.
- Current and Savings accounts balances, up 10% from end 2015.
- Headline Financing to Deposits ratio at 92.6%.
Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic, stated: “Emirates Islamic’s results in the first quarter of this year reflect our strength and leadership amid a tempered market situation. In 2016, we have continued on our journey to provide the best in Islamic banking products and services to our retail and corporate customers. This successful strategy is reflected in our performance with an increase in customer deposits, assets and core income during the first three months of 2016. Having said that, we have taken a conservative but prudent approach to provisioning amidst prevailing economic conditions.”
Added Bin Ghalaita, “At Emirates Islamic, we remain committed to our core values of ‘Innovation’ and ‘Customer First’ and will continue to strengthen our product and service proposition. We strongly believe that the UAE, with its truly diversified economy, will remain resilient to global market conditions and am optimistic that Emirates Islamic will continue to grow organically and increase its customer base in 2016. As Islamic banking gains wider acceptance globally, we aim to lead its growth and in fulfilling Dubai’s ambition to become the global capital of Islamic economy.”
Emirates Islamic was recently named Best Retail Bank – UAE, Best Commercial Bank – UAE and Best Wealth Management – ME at CPI Financial’s Islamic Business & Finance Awards.