Dubai-Mubasher: Emirates Islamic posted a 63.6% decline in its second-quarter profits, according to a bourse filing.

Profits reached AED 92.11 million ($25.07 million) in Q2-16, compared to AED 253.25 million ($68.93 million) in Q2-15.

In the first half of 2016, profits fell 69.3% to AED 137.3 million from AED 446.97 million in the prior-year period. In addition, total income rose by 11% to AED 1.23 during the same period.

Total assets amounted to AED 57.2 billion in H1-16, up 8% from the end of 2015.

“Our investment in product innovation has been favourably received and is reflected in the tremendous growth in our retail books as well as an increase in successful transactions on the wholesale banking front,” according to Hesham Abdulla Al Qassim, chairman of Emirates Islamic, vice chairman and managing director of Emirates NBD.

“We have also made strong strides in wholesale banking with our recent financing deal in partnership with Natixis, to close the largest collateralised Murabaha transaction this year, the first of its kind executed on the pioneering Nasdaq Dubai Murabaha platform,” Emirates Islamic’s CEO Jamal Bin Ghalaita noted.