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Emirates Islamic Bank records higher profits at AED 1.64bn in 9M-23

Emirates Islamic Bank records higher profits at AED 1.64bn in 9M-23
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Emirates Islamic
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Dubai – Mubasher: Emirates Islamic Bank registered net profits amounting to AED 1.64 billion in the first nine months (9M) of 2023, up 56% year-on-year (YoY) from AED 1.05 billion.

Total operating income enlarged by 62% YoY to AED 3.53 billion in January-September 2023 from AED 2.18 billion, according to the unaudited financial results.

Earnings per share (EPS) reached AED 0.30 in 9M-23, marking a rise from AED 0.19 in 9M-22.

The total assets hiked to AED 85.95 billion in 9M-23 from AED 74.76 billion as of 31 December 2022, while the customer deposits widened to AED 60.50 billion from AED 56.34 billion.

Financials for Q3-23

In the third quarter (Q3) of 2023, the UAE lender posted a 23% jump in net profit to AED 435.29 million, compared to AED 353.38 million a year earlier.

During Q3-23, the total income surged by 46% to AED 1.19 billion from AED 815.41 million in Q3-22, while the EPS went up to AED 0.08 from AED 0.06.

Farid Al Mulla, CEO of Emirates Islamic, commented: “In our efforts to provide customers with convenient and secure banking solutions backed by the latest technology, we recently launched EI 2.0, our enhanced Mobile Banking App.”

“The upgraded App comes with a Digital Wealth feature allowing customers to trade in Shariah-complaint stocks both locally and globally,” Al Mulla elaborated.

He added: “At the small- and medium-sized enterprises (SMEs) level, adoption of our digital channels continued to accelerate with business banking customers making 97% of all payments via businessONLINE, our online banking platform for companies.”

In the first half (H1) of 2023, the net profits of Emirates Islamic Bank climbed by 73% to AED 1.21 billion from AED 701.09 million in H1-22.