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Emirates Islamic Bank’s 2022 profits leap 51%

Emirates Islamic Bank’s 2022 profits leap 51%
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Emirates Islamic
EIB
14.91% 7.40 0.96

Dubai – Mubasher: Emirates Islamic Bank generated net profits worth AED 1.24 billion during 2022, signalling a year-on-year (YoY) increase of 51% from AED 823.08 million.

The earnings per share (EPS) amounted to AED 0.22 at the end of December 2022, compared to AED 0.15 in the same period a year earlier.

The lender’s total operating income soared by 33% to AED 3.18 billion during January-December 2022 from AED 2.39 billion a year ago.

Customer deposits witnessed a YoY surge of 19% to AED 56.34 billion in 2022, compared with AED 47.26 billion. This came in line with current account and savings account balances that formed 74% of total deposits in 2022.

The total assets of Emirates Islamic Bank hit AED 74.76 billion in 2022, a surge of 15% from AED 64.90 billion in 2021.

Chairman of Emirates Islamic Bank, Hesham Al Qassim, who is also the Vice Chairman and Managing Director of Emirates NBD, commented: The bank reported a 36% increase in operating profit, coupled with an improvement in cost of risk compared to 2021.”

Salah Mohammed Amin, the CEO of the bank, noted: “In 2022, we entered into a strategic collaboration with Tradeling, the largest eMarketplace focused on B2B transactions in the MENA region.”

In the first nine months (9M) of 2022, Emirates Islamic Bank recorded net profits worth AED 1.05 billion, versus AED 804.23 million in 9M-21.

Furthermore, the total assets reached AED 73.06 billion in 9M-22, compared to AED 64.90 billion as of 31 December 2021.