Emirates Islamic Announces First Half 2017 Financial Results
July 19, 2017
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced its financial results for the period ending June 30, 2017.
On the back of an improved overall performance and increased customer deposits, the Bank announced strong results for the first half of 2017, declaring a net profit of AED 387 million.
- Net profit for H1 2017 at AED 387 million as against AED 137 million for the same period last year.
- Total Income (net of customers’ share of profit) marginally lower by 3% to AED 1.19 billion compared to the same period last year.
- Total Assets at AED 60.5 billion, up 2% from end 2016.
- Net Financing and investing receivables at AED 35.4 billion, down by 2.7% from end 2016.
- Customer Deposits at AED 41.8 billion, up 1.6% from end 2016.
- Current and Savings accounts balances, up 6% from end 2016.
- Headline Financing to Deposits ratio at 84.6% and remains comfortably within the Management’s target range.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said: “We are extremely pleased with our performance in the first half of 2017, underlining Emirates Islamic’s role as a key driver in the growth of Islamic banking in the UAE. We have consistently invested in innovation and infrastructure, the results of which are now evident in our positive numbers. Shari’a-compliant banking continues to set new milestones in the overall banking sector, and Emirates Islamic aims to contribute substantially to the sector’s growth and the government’s goal of making Dubai the global capital of Islamic economy.”
“While our financial results have been strong, we are also cognizant of our responsibility to the community. Emirates Islamic has actively supported “2017 - The Year of Giving”, the noble initiative of The UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan. Through the Emirates Islamic Charity Fund, we have provided support to several charitable, humanitarian and community activities, in keeping with the spirit of the initiative and the pillars of the Year of Giving. As one of the nation’s leading financial institutions, we will always continue to play a key role in the welfare of the overall society and to support those in need.”
Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic added: “At Emirates Islamic, we continue to move forward with our strategy of profitable growth combined with effective cost management. Over the years, we have stood out from the competition through our focus on strategic pricing, product innovation and customer service. This has allowed us to consistently grow our customer base, with customer deposits up by 1.6% and Current and Savings account balances up by 6% from end-2016.”
“In today’s smart economy, digital technology plays a crucial role in providing our customers with personalised banking solutions and a faster turnaround time. At Emirates Islamic, we will continue to expand our services, with investments in the latest technology and infrastructure, giving us the edge to become the leading Islamic bank in the region.”
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.