Emirates Islamic Announces Q1 2017 Results

April 19, 2017

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced its financial results for the period ending March 31, 2017.

Results Highlights:

  • Net profit for the first quarter of 2017 stands at AED 221 million compared to AED 45 million for the same period last year.
  • Total Income for the first quarter of 2017 (net of customers’ share of profit and distribution to Sukuk holders) grew by 4 per cent to AED 601 million as compared to AED 579 million in the last quarter of 2016.
  • Total Assets at AED 60 billion, up 1.3 per cent from end 2016.
  • Financing and Investing Receivables and Customer deposits remain flat at AED 36 billion and AED 41 billion respectively as compared to end of last quarter of 2016
  • Current and Saving accounts balances up 3 per cent from end 2016.
  • Headline Financing to Deposits ratio at 87 per cent and remains comfortably within the management’s target range.
  • Impaired Financing ratio stands at 9.6 per cent and coverage ratio at 91.2 per cent.
Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic stated: “Emirates Islamic has reported strong results in the first quarter of the year, with a significant five-fold increase in net profit compared to the same period last year. The positive results are driven by higher income, an 18% improvement in expenses and a 49% improvement in impairments allowances. This reflects our strategy of profitable growth through an improved product mix combined with effective cost management”.

“We have worked hard to strengthen the balance sheet in recent quarters and are well positioned to focus on growing our customer base as service levels and product offerings within Islamic banking have advanced significantly, both among individuals and corporate customers. Over the years, Emirates Islamic has emerged as a pioneer in Islamic banking innovation and we will continue to focus on launching products and services that not only provide our customers a unique solution to all their banking needs but also provide them a truly superior customer experience.”

“The UAE's President His Highness Sheikh Khalifa bin Zayed Al Nahyan declared 2017 as the Year of Giving and dedicated all activities during the year to the brave UAE martyrs. Emirates Islamic is committed to supporting this great initiative in every way possible. Charity and giving back to the community is a cornerstone of Islamic finance and as one of the country’s largest Islamic banks, we have and will always continue to support those in need.”

Emirates Islamic was recognised for its diverse range of innovative products at the Banker Middle East Product Awards 2017, with the Kunooz savings account recognised as the ‘Best Savings Account’ and the Flex Elite Card named as the ‘Best Islamic Premium Card’. The Bank also won the ‘Service Hero’ award for customer service excellence in the Islamic Banking category.