Dubai: Emirates Islamic, an Islamic bank belonging to Emirates NBD Group, has posted a net profit of Dh387 million for the first half of 2017 compared to Dh137 million reported in the same period last year.
Total income (net of customers’ share of profit) was marginally lower by 3 per cent to Dh1.19 billion compared to the same period last year.
Total assets at Dh60.5 billion grew 2 per cent from end 2016.
“We have consistently invested in innovation and infrastructure, the results of which are now evident in our positive numbers," said Hesham Abdulla Al Qassim, Chairman of Emirates Islamic.
"Sharia-compliant banking continues to set new milestones in the overall banking sector, and Emirates Islamic aims to contribute substantially to the sector’s growth and the government’s goal of making Dubai the global capital of Islamic economy,” he added.
Emirates Islamic’s net financing and investing receivables at Dh35.4 billion at the close of the first half of 2017 was down by 2.7 per cent from yearend 2016.
Customer deposits at Dh41.8 billion was up 1.6 per cent from end 2016. Current and savings accounts (CASA) balances are up 6 per cent from end 2016, the bank reported.
Bank’s headline financing-to-deposits ratio was at 84.6 per cent at the close of the first half the year and remains comfortably within the management’s target range.
“At Emirates Islamic, we continue to move forward with our strategy of profitable growth combined with effective cost management.
"Over the years, we have stood out from the competition through our focus on strategic pricing, product innovation and customer service. This has allowed us to consistently grow our customer base,” said Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic.
