Emirates Islamic posted a record pre-tax profit of Dh3.1 billion in 2024, marking a 46% increase from the previous year, as both funded and non-funded income contributed to its highest-ever financial performance. Net profit also rose 32% year-over-year to Dh2.8 billion.
Total income increased 13% to Dh5.4 billion, supported by a 27% rise in total assets to Dh111 billion. Customer financing grew 31% to Dh71 billion, while customer deposits increased 25% to Dh77 billion.
“Emirates Islamic delivered its best-ever financial performance during 2024, cementing our position as the fastest-growing Islamic bank in the UAE,” Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said.
The surge in earnings was driven by growth in both funded and non-funded income, contributing to a strong net profit margin and lower cost of risk, according to Farid AlMulla, CEO of Emirates Islamic.
“Emirates Islamic exceeded all expectations in 2024 as we delivered our highest-ever profit,” AlMulla said.
