Dubai – Mubasher: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, posted a 15% year-on-year (YoY) increase in its net profits in 2019, recording AED 1.06 billion, according to the bank’s annual financial results.

With this strong result, the bank’s net profits have exceeded the AED 1 billion mark for the first time in its history, the bank referred.

The bank’s total income grew by 8% YoY during 2019 to AED 2.7 billion, while total assets stood at AED 64.8 billion in 2019, up 11% from the end of the prior year.

Meanwhile, financing and investing receivables increased by 4% to AED 37.5 billion.

Customer deposits grew by 9% from the end of 2018 to AED 45.3 billion, while current and savings accounts balances represented 63% of total customer deposits.

Moreover, the bank’s headline financing to deposits ratio stood at 83%, showing a healthy liquidity position, and impaired financing ratio was at 7.6% with a strong coverage ratio of 120%.

Emirates Islamic’s Tier 1 capital ratio was at 19.5%, and capital adequacy ratio represented 20.7%.

Chairman of Emirates Islamic, vice chairman and managing director of Emirates NBD, Hesham Abdulla Al Qassim, said: “We have shown strong growth in 2019, with increased customer financing and higher investments in Sukuk and CDs.”

At the same time, the CEO of Emirates Islamic, Salah Mohammed Amin, commented: “In 2019, we increased our customer footprint across our Retail, Business and Wholesale Banking segments, driven by digital innovations and increased focus on customer service. Our customer deposits are up 9% from 2018 at AED 45.3 billion, with current and saving account balances up by 4% during the same period.”

He further added: “As we look ahead to 2020 and beyond, we are well positioned to grow consistently as a result of our strategic focus on superior customer experience, smarter risk management and investments in best-in-class technology.”

It is noteworthy that during the first nine months of 2019, the bank reported a 43% annual growth in net profit to AED 937 million.