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Emirates Islamic Bank posts 31% higher profits in 9M-22

Emirates Islamic Bank posts 31% higher profits in 9M-22
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Emirates Islamic
EIB
14.91% 7.40 0.96

Dubai – Mubasher: Emirates Islamic Bank posted a 31% hike in net profit to AED 1.05 billion during the first nine months (9M) of 2022, versus AED 804.23 million in the year-ago period.

The earnings per share (EPS) stood at AED 0.19 during January-September 2022, compared to AED 0.14 in 9M-21, according to the income statements.

Total operating income amounted to AED 2.18 billion in 9M-22, higher by 22% year-on-year (YoY) than AED 1.79 billion during the same period a year earlier.

Meanwhile, the total assets amounted to AED 73.06 billion in 9M-22, a leap from AED 64.90 billion as of 31 December 2021.

In the third quarter (Q3) of 2022, Emirates Islamic Bank’s net profits increased to AED 353.38 million from AED 235.52 million in Q3-21.

Furthermore, the total operating income increased to AED 815.41 million in Q3-22 from AED 618.01 million in Q3-21, while the EPS grew to AED 0.06 from AED 0.04.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic Bank, said: “Our results are a strong indication of Emirates Islamic’s role as a key driver in the growth of Islamic banking in the UAE, empowering our customers to benefit from a buoyant UAE economy.”

Al Qassim noted: “Following earlier IPOs on the Dubai Financial Market (DFM), we were pleased in Q3 to support Salik Company and act as a Receiving Bank in its very successful public offering, as we remain committed to providing seamless access for local investors to the UAE capital markets.”

In 6M-22, the DFM-listed bank reported a 23% YoY surge in net profit to AED 701 million.