UAE- Emirates Islamic net profit up 76 percent in 2015

DUBAI 18th January 2016 (WAM) -- Emirates Islamic today announced its full-year financial results for 2015 with the bank reporting strong growth for the fourth consecutive year.

For the twelve months ending December 31st 2015 the bank reported a net profit of AED 641 million a 76 percent year-on-year increase. The bank's total net income (net of customers' share of profit) during the period rose to AED2.43 billion up 25 percent compared to AED1.95 billion in 2014.

Commenting on the bank's performance Hesham Abdulla Al Qassim Chairman of Emirates Islamic said "With consistently strong results and solid double-digit growth rates Emirates Islamic continues to drive the expansion of the Islamic banking sector in UAE. In just a short span of time the bank has asserted its position as a leading financial institution in the UAE with strong contribution to the development of the Islamic finance sector.

"Going forward I see Islamic banking playing an increasingly significant role in the UAE's economy as we create the solutions that support the evolving needs of individuals corporates and SMEs. With a clearly defined roadmap for the future I am confident that Emirates Islamic will continue to be a key driving force in fulfilling the vision of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum in making Dubai the global capital of Islamic economy."

Jamal bin Ghalaita Chief Executive Officer of Emirates Islamic commented "Emirates Islamic's performance in 2015 is the result of our relentless pursuit of excellence whether in providing innovative financial solutions to our customers or furthering the growth of Islamic banking in the UAE. We launched our transformation strategy in 2011 with a clear objective to become a leader in the Islamic financial sector and our achievements in 2015 are another milestone on this road to success. Our strong performance was achieved on the back of robust growth and high customer acquisition across our three core segments namely Corporate Individual and SME resulting in a 26 percent increase in our customer base a key testament to our winning offering."

In September 2015 Fitch the global ratings agency assigned Emirates Islamic a long term Issuer Default Rating (IDR) of 'A+' with a Stable Outlook Short-term IDR of 'F1' and a Viability Rating (VR) at 'bb-'. The rating agency also affirmed the bank's support rating of '1'. This rating places Emirates Islamic among the highest ranked banks in the UAE and is a key milestone on the bank's road to growth and success.

Taking the lead in furthering the uptake of Islamic banking the bank announced the launch of the Islamic Banking Index By Emirates Islamic a first-of-its-kind consumer focused survey on Islamic Banking in the UAE creating a pathway to the solutions that will enable its continued growth in the UAE. In addition Emirates Islamic introduced EI Trade a customised Shari'a-compliant online trade and supply chain platform for its business and corporate customers. The bank also expanded its banking channels with the launch of EI World a mobile banking app that allows Emirates Islamic customers to conduct banking transactions in a fun and engaging environment.

The bank's performance continued to be recognised across the industry winning awards including Best Retail BankUAE Best Commercial BankUAE and Best Wealth ManagementME at CPI Financial's Islamic Business and Finance Awards; 'Best Islamic Bank in the UAE' by World Finance magazine for the second time in three years; 'Best Savings Account' and 'Best New SME product' at the Banker Middle East Product Awards 2015; and the Euromoney Award for Innovation in Islamic Finance 2015 for the bank's Nasdaq Dubai Murabaha platform.