Dubai – Mubasher: Emirates Islamic Bank (EIB) on Wednesday reported a surge in net profits in the first quarter of 2017 by 389% compared to the same period the year before.

The bank’s profits reached AED 221 million, rising from AED 45 million in Q1-16, according to a statement.

Total income, net of customers’ share of profit, and distribution to sukuk holders increased 4% to AED 601 million in Q1-17 from AED 579 million in Q4-16.

Total assets reached AED 60 billion, up 1.3% compared to the last recorded value on 31 December 2016, according to the statement.

“Financing and investing receivables and customer deposits remain flat at AED 36 billion and AED 41 billion, respectively, as compared to the end of the last quarter of 2016,” EIB added.

“Emirates Islamic has reported strong results in the first quarter of the year, with a significant five-fold increase in net profit compared to the same period last year. The positive results are driven by higher income, an 18% improvement in expenses, and a 49% improvement in impairments allowances,” commented EIB CEO Jamal Bin Ghalaita.

He added that these results reflect the bank’s “strategy of profitable growth through an improved product mix combined with effective cost management.”