Emirates Islamic achieved its highest-ever profit of Dh 2.5 billion for the first nine months of 2024, marking a 52% increase compared to the same period in 2023, the bank reported in a disclosure to Dubai Financial Market (DFM), where its shares are traded.
The income for the year surged by 16% reaching Dh4.1 billion, which the bank attributed to “significant growth in both funded and non-funded income” and a 24% increase in customer financing.
Between January and September 2024, the bank’s expenses decreased by 10% year-on-year (YoY) and the operating profit improved by 31% YoY. The bank’s net profit margin reached 4.5% following relatively stable profit rates in the first nine months of 2024.
“We are delighted to announce a record performance by Emirates Islamic for the first nine months of 2024,” said Hesham Abdulla Al Qassim, Chairman of Emirates Islamic. “Our strong results reflect our consistent focus on providing innovative financial solutions to our customers, combined with a superior customer service experience backed by the latest technology and automation.”
In Q3 2024, Emirates Islamic profit increased by 92%, to Dh835 million, with income growing by 16% to AED 1.4 billion.
“Following on from our remarkable financial results in the first half of 2024, we delivered profitable growth in the third quarter of 2024,” said Farid AlMulla, CEO of Emirates Islamic “The bank’s total assets increased to Dh107 billion during this period, as we continue to maintain a solid asset base.”
At the end of the period, the bank boasted Dh107 billion in total assets. Customer financing reached Dh67 billion, increasing 24% from 2023, and customer deposits rose 21% to Dh74 billion, with CASA balances at 72% of deposits.
