(MENAFN- Emirates News Agency (WAM)) Emirates Islamic today announced its results for the period ending March 31st, 2015, reflecting the success of the Bank's growth strategy.
For the first three months of 2015, Emirates Islamic announced a net profit of AED194 million, an increase of 106 percent over the same period last year. Total Income (net of customers' share of profit) grew by 58% to AED 666 million compared to AED 420 million in the same period of 2014.
Emirates Islamic's coverage ratio improved to 97%, compared to 90% at December 31st, 2014, highlighting the bank's pragmatic approach not only to capture market share but focusing on further solidifying its financial base.
Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic, said, "In 2011, we formulated a roadmap for Emirates Islamic to propel us to market leadership status in the Islamic banking sector of the UAE. The results for the first quarter of 2015 are another milestone on this road to success. We have achieved consistently positive results over the last three years, driven on the back of growth in our core business segments, namely personal, corporate and business banking."
"At Emirates Islamic, we recognise that Islamic banking will be a key pillar in the growth of the nation's economy and we aim to play a leadership role in its development across the financial sector, ultimately moving towards making Dubai the global capital of Islamic economy."
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