(MENAFN- Khaleej Times) Emirates Islamic on Wednesday reported 14th consecutive quarter of growth on the back of solid overall performance and increased customer acquisition and said its 2015 first-half net profit surged 97 per cent at Dh447 million.
In a statement, the bank said its total operating income (net of customer share of profit) grew by 33 per cent to Dh1.22 billion compared to the same period last year. The bank's financing book receivables increased by 17 per cent compared to December 2014.
The bank also maintained a solid liquidity position with a financing to deposit ratio of 95 per cent. The bank's healthy position can be further evidenced as non-performing financing receivables are at a record low of 7.6 per cent. Likewise, the bank has further improved its coverage ratio to 106 per cent.
The strong performance of the bank can be attributed to increased customer acquisition with growth exceeding 10 per cent in customer base over the past year.
The bank also recorded a robust cross-sell ratio, with its customers availing at least three products on average, a further evidence of its increased customer engagement.
Hesham Abdulla Al Qassim, chairman of Emirates Islamic, said Islamic banking plays an increasingly important role in the nation's economy and Emirates Islamic is proud to be among the key drivers of growth and development in this critical sector.
"The bank has demonstrated exceptional results, with consistent growth for the 14th consecutive quarter, emphasizing our leadership position in the UAE's Islamic banking sector. We are one of the fastest growing banks in the region, and through our commitment to innovation and customer experience, we will continue to set new benchmarks for the Islamic and overall banking sector."
Jamal bin Ghalaita, chief executive officer of Emirates Islamic, said the bank has built a tremendous growth momentum over the last three years.
"We will continue expanding our services, coupled with investments in technology and infrastructure, giving us the impetus to become the leading Islamic bank in the region," he said.
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