Emirates Islamic Announces H1 2016 Results
July 18, 2016
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has delivered strong results for the period ending June 30, 2016.
- Net profit for H1 2016 at AED 137 million, Q2 2016 had a strong performance with net profit of AED 92 million up 104 % as compared with AED 45 million for Q1 2016.
- Total Income (net of customers’ share of profit) grew by 11% to AED 1.23 billion compared to the total income (excluding one offs) for the same period last year.
- Total Assets at AED 57.2 billion, up 8% from end 2015.
- Financing and investing receivables at AED 39.1 billion, up 14.5% from end 2015.
- Customer Deposits at AED 41.8 billion, up 6.2% from end 2015.
- Current and Savings accounts balances, up 10.2% from end 2015.
- Headline Financing to Deposits ratio at 93.7% remains comfortably within the Management’s target range.
- Credit quality improved as the Impaired Financing ratio strengthened from 8.8% to 8.5% and coverage ratio advanced from 89.5% to 90.7%.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD, said: “We are extremely pleased with our strong growth and performance that underlines the growing relevance of Islamic banking in current times. Our investment in product innovation has been favourably received and is reflected in the tremendous growth in our retail books as well as an increase in successful transactions on the wholesale banking front.”
“With the launch of our recent record breaking Sukuk that was oversubscribed by three times the nominal amount, it is evident that there is a large appetite for Shari’a compliant financing in the region and as the fastest growing bank in the UAE, we are confident that we will continue to make strides and set new benchmarks for the Islamic and overall banking sector and make our contribution to the government’s goal of making Dubai the world capital of Islamic economy,” continued Al Qassim.
Added Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic: “Our strong results reflect Emirates Islamic’s leadership position in the UAE’s Islamic banking sector. Our investment in technology and infrastructure with recent product innovations such as Social Banking for customers and further developments to the Emirates Islamic mobile app have contributed to significantly strengthening our customer proposition.”
“We have also made strong strides in wholesale banking with our recent financing deal in partnership with Natixis, to close the largest collateralised Murabaha transaction this year, the first of its kind executed on the pioneering Nasdaq Dubai Murabaha platform.
Emirates Islamic was named the Fastest Growing Bank – UAE at the recent Banker Middle East Industry Awards 2016, in recognition of its exceptional growth in 2015. The bank was also recognised among Global Finance’s 2016 ‘The Innovators’ of Islamic Finance for EI trade, the world’s first of its kind Shari’a-compliant online Trade Finance and Supply Chain platform. In addition, the Emirates Islamic was named Best Retail Bank – UAE, Best Commercial Bank – UAE and Best Wealth Management – ME at CPI Financial’s Islamic Business & Finance Awards.