(MENAFN- Khaleej Times) The banks total income (net of customers share of profit) grew by 58 per cent to Dh666 million compared to Dh420 million in the same period of 2014.
Dubai - Emirates Islamic one of the leading Islamic financial institutions in the UAE announced on Wednesday a 106 per cent jump in its net profit to Dh194 million over the same period last year.
The bank’s total income (net of customers’ share of profit) grew by 58 per cent to Dh666 million compared to Dh420 million in the same period of 2014.
Pre-impairment operating profit surged 58 per cent in the quarter to Dh523 million while financing and investing receivables grew nine per cent to Dh28.4 billion from December 31 2014. The total assets of the bank rose six per cent to Dh45 billion.
Emirates Islamic part of Emirates NBD Group said its coverage ratio improved to 97 per cent compared to 90 per cent at December 31 2014 highlighting the bank’s pragmatic approach not only to capture market share but focusing on further solidifying its financial base.
Jamal bin Ghalaita CEO 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.”
Bin Ghalaita said Emirates Islamic is one of the fastest growing banks in the UAE. “We will continue to innovate by launching new products channels and services focusing on enriching the overall customer experience.”
The bank said its success continues to be recognised across the industry having recently been named the ‘Best Islamic Bank in the UAE’ by World Finance magazine for the second time in three years and also winning ‘Best Savings Account’ and ‘Best New SME product’ at the Banker Middle East Product Awards 2015.
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