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Dubai's EIB turns profitable in Q4-17

Dubai's EIB turns profitable in Q4-17
EIB posted AED 203.51 million profits in Q4-17
Emirates Islamic
EIB
14.91% 7.40 0.96

Dubai – Mubasher: The Emirates Islamic Bank (EIB) on Tuesday announced turning a profit during the fourth quarter of 2017.

The Dubai-based lender posted AED 203.51 million ($55.4 million) profits in Q4-17, against AED 85,000 ($23.13 million) losses in the same period a year earlier, according to a statement to the Dubai Financial Market (DFM).

The bank’s net profits jumped to AED 702 million in 2017, from AED 105.63 million the previous year.

Customers' deposits increased 2% to AED 41.8 billion during 2017 compared to the year earlier.

“Emirates Islamic has delivered strong results and the impressive performance in 2017 is demonstrated with a six-fold increase in net profit to AED 702 million,” Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD Hesham Abdulla Al Qassim said.

“The Bank significantly increased its returns to shareholders with Return on Equity (ROE) of 10% this year, up from 2% in 2016,” Al Qassim added.