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Emirates Islamic Bank records AED 601m profits in Q1-23

Emirates Islamic Bank records AED 601m profits in Q1-23
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Emirates Islamic
EIB
14.91% 7.40 0.96

Dubai – Mubasher: The net profits of Emirates Islamic Bank reached AED 600.86 million in the first quarter (Q1) of 2023, an annual surge of 76% from AED 341.89 million.

Total operating income amounted to AED 1.13 billion during the first three months (3M) of 2023, higher by 74% year-on-year (YoY) than AED 652.03 million, according to the unaudited financial results.

The earnings per share (EPS) stood at AED 0.11 in Q1-23, up from AED 0.06 in the year-ago period.

In 3M-23, the total assets increased by 4% to AED 77.92 billion from AED 74.76 billion as of 31 December 2022, while the clients’ deposits grew by 2% to AED 57.26 billion from AED 56.34 billion.

Salah Mohammed Amin, CEO of Emirates Islamic Bank, said: “Emirates Islamic’s balance sheet remains strong with total assets growing by 4% in Q1-23 to reach AED 77.90 billion, demonstrating the strength of our operating capabilities and prudent risk management.”

Amin noted: “As Emirates Islamic continues to drive innovation in the Islamic banking sector, the bank launched a global FinTech accelerator campaign in collaboration with the world’s leading innovation platform, Plug and Play Abu Dhabi.”

Last year, the UAE lender posted a 51% leap in net profit to AED 1.24 billion, compared to AED 823.08 million in 2021.