Emirates Islamic reports record Q1 profit of Dhs811 million

Emirates Islamic profit surged to a record Dhs811 million in the first quarter of 2024, up 35 per cent year-on-year (YoY). This remarkable financial success was underpinned by a robust 19 per cent growth in total income, propelled by higher funded and non-funded income streams, which serves as a testament to the Bank’s strengthened business sentiment and strategic financial management.

Furthermore, the noteworthy 28 per cent increase in operating profit not only underscores the Bank’s operational efficiency but also mirrors the positive economic outlook within the buoyant regional economy.

The bank’s cost-to-income ratio settled at 28.4 per cent, while the net profit margin reached 4.7 per cent.

Hesham Abdulla Al Qassim, Chairman, Emirates Islamic, said, “The Bank’s total income grew 19 per cent compared to the first quarter of 2023, with customer deposits increasing by 9 per cent from the end of 2023, with Current Account and Savings Account balances at 77 per cent of total deposits. Our strong results are a reflection of our focus on providing innovative financial solutions to our customers while enhancing the overall customer experience.

“Emirates Islamic marks a significant milestone this year, celebrating 20 years of collective progress, and affirming our position as one of the leading Shariah-compliant banks in the UAE.

“The bank recently announced the successful conclusion of its debut $500 million syndicated Financing Facility.”