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Emirates Islamic Bank's net profits surge in H1-21

Emirates Islamic Bank's net profits surge in H1-21
The bank's assets recorded AED 68.041 billion as of 30 June
Emirates Islamic
EIB
-9.72% 6.50 -0.70

Dubai – Mubasher: The net profits of Emirates Islamic Bank jumped to AED 568.714 million during the first half (H1) of 2021, compared to AED 11.846 million in the same period of 2020, as shown by the bank's consolidated interim financials for the six-month period ended 30 June 2021.

The bank's net income from financing receivables and investment products decreased to AED 817.472 million in the first six months of 2021 from AED 886.667 million in the year-ago period.

The bank's assets recorded AED 68.041 billion as of 30 June 2021, compared to AED 70.571 billion as of 31 December 2020.

The earnings per share (EPS) stood at AED 0.105 in the January-June period of 2021, against AED 0.002 in the same period of 2020.

During the second quarter (Q2) of 2021, the bank's net profits hiked to AED 357.124 million from AED 143.141 million in the same quarter of 2020.

The bank's Chairman, Hesham Abdulla Al Qassim, commented: "As the UAE economy continues to recover, we are pleased to report a strong first half profit, highlighting Emirates Islamic’s key role in the growth of Islamic banking in the UAE."

Meanwhile, the bank's CEO, Salah Mohammed Amin, said: "In our role as the official Islamic Banking Partner of Expo 2020 Dubai, we are committed to contributing substantially to the economy’s growth and expanding the importance of Islamic banking in the UAE."

It is noteworthy to mention that during the first quarter (Q1) of 2021, the bank reported a 37% rise in the net profits to AED 211.59 million, compared to AED 154.987 million in the same quarter of 2020.