Dubai – Mubasher: Emirates Islamic Bank reported a 37% rise in the net profits to AED 211.59 million in the first quarter (Q1) of 2021, compared to AED 154.987 million in the same quarter of 2020, according to the bank's consolidated interim financial results for the three-month period ended 31 March 2021.

Higher net profits are driven by lower costs and lower impairment allowances.

The bank's net income from financing receivables and investment products decreased to AED 397.862 million the first three months of 2021 from AED 468.162 million in the year-ago period.

Meanwhile, the bank's total assets increased to AED 71.243 billion in Q1-21, up from AED 70.571 billion as of 31 December 2020.

On a quarterly basis, the bank's net profits jumped by 224% during the January-March period of 2021.

The earnings per share (EPS) stood at AED 0.039 in Q1-21, compared to AED 0.029 in the year-ago period.

Commenting on the bank's performance, the Chairman of the bank, Hesham Abdulla Al Qassim, said: "We are pleased to report a strong performance by Emirates Islamic in Q1 2021, as the Bank focused on enhancing its operations and the UAE economy continued to respond favourably to the positive measures and vaccination programme undertaken by the Government in handling the Covid-19 pandemic."

Meanwhile, the bank's CEO, Salah Mohammed Amin, remarked: "Our customer-centric and innovative approach is appreciated by customers and we aim to build upon our existing strengths in digital innovation to meet the increasing demand for customer-friendly, secure and convenient solutions."

It is noteworthy to mention that in 2020, the bank turned to a net loss of AED 482 million, impacted by the lower rates, a drop in non-funded income due to the slowdown in the economy, and an increase in impairment allowances.