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Emirates Islamic Bank turns to profitability in 9M

Emirates Islamic Bank turns to profitability in 9M
The earnings per share (EPS) settled at AED 0.148
Emirates Islamic
EIB
0.00% 7.47 0.00

Dubai – Mubasher: Emirates Islamic Bank recorded net profits of AED 804.238 million during the first nine months of 2021, against net losses of AED 311.238 million in the year-ago period, according to the bank's unaudited consolidated interim financials for the nine-month period ended 30 September 2021.

The bank's net income from financing receivables and investment products declined to AED 1.268 billion in the January-September period of 2021 from AED 1.296 billion in the same period of 2020.

The bank's assets decreased to AED 66.169 billion as of 30 September 2021 from AED 70.57 billion as of 31 December 2020.

The earnings per share (EPS) settled at AED 0.148 in the first nine months of 2021, versus losses per share of AED 0.057 in the corresponding period of 2020.

During the third quarter (Q3) of 2021, the bank reported net profits of AED 235.524 million, compared to net losses of AED 323.084 million in the same quarter of 2020.

The bank's Chairman, Hesham Abdulla Al Qassim, said: "As the Islamic bank of choice in the UAE, Emirates Islamic sees this landmark event as an opportunity to accelerate the transformation of the world’s oldest and most relevant banking system and gain far greater reach for our industry's ethical values through digital innovation."

Meanwhile, the bank's CEO, Salah Mohammed Amin, commented: "As a key contributor to the development of the overall Islamic finance sector, Emirates Islamic has asserted its position as a leading financial institution in the UAE, and this is reflected in our financial performance."

It is noteworthy to mention that during the first half (H1) of 2021, the bank's net profits jumped to AED 568.714 million, compared to AED 11.846 million in the same period of 2020.