Emirates Islamic Bank has reported its highest-ever profit for the first nine months of the year, reaching Dh2.5 billion, marking an impressive 52% year-on-year growth.
The record-breaking profit comes from a total income of Dh4.1 billion, reflecting a 16% increase. As part of the Emirates NBD Group, the bank saw robust growth in both its funded and non-funded income streams, with customer financing rising by 24%. In the third quarter alone, spanning July to September, the bank’s profit surged by 92%, reaching Dh835 million.
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Our net interest margin remained strong at 4.5% over the first nine months of 2024,” said Hesham Abdulla Al Qassim, Chairman of Emirates Islamic. We continue to lead the Islamic banking sector in digital innovation. This is demonstrated by our key milestones, such as being the first Islamic bank in the UAE to launch a digital wealth platform on our mobile app and introducing fractional sukuks for investors, a first in the region.
During the reporting period, Emirates Islamic’s total assets reached Dh107 billion.
CEO Farid AlMulla highlighted the bank’s solid capital and liquidity positions, which helped it provide greater support to its customers. “Customer financing increased by 24% to Dh67 billion, and customer deposits rose by 21% to Dh74 billion, reflecting a healthy deposit mix,” AlMulla noted.
The strong financial performance and continued focus on innovation underline Emirates Islamic’s position as a leading player in the Islamic banking sector.