Emirates Islamic announces Q3 2019 financial results

Dubai, 28 October, 2019: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced its financial results for the period ending 30 September, 2019. The Bank reported a net profit of AED 937 million for the first nine months of 2019, a year-on-year increase of 43%.

Financial Highlights:

• Net profit of AED 937 million, up 43% y-o-y.
• Total Income of AED 2.1 billion, increased by 11% y-o-y.
• Funded Income margin improved by 20 bps year-on-year to 3.17%.
• Total assets at AED 62.7 billion, increased by 8% from end 2018.
• Financing and investing receivables at AED 37.4 billion, up 3% from end 2018.
• Customer accounts at AED 45.2 billion, up 9% from end 2018.
• Current and Savings accounts balances up 3% from end 2018.
• Impaired Financing ratio is at 8.7% with a strong Coverage ratio of 115%.
• Headline financing to deposit ratio at 83% demonstrates healthy liquidity position.
• Tier 1 capital ratio at 19.2% and Capital adequacy ratio at 20.4%.

Salah Mohammed Amin, Chief Executive Officer of Emirates Islamic commented: “I am pleased to announce Emirates Islamic’s results for the first nine months of 2019, reporting the highest ever net profit of AED 937 million for this comparable period since our inception in 2004. As a leading Islamic bank, we have taken advantage of the increasing uptake of Islamic banking products in the UAE. Total Income for the first nine months of 2019 stood at AED 2.1 billion, up 11% year-on-year with funded income and foreign exchange being the primary drivers of growth. Our customer deposits are up 9% during 2019, with current and saving account balances up by 3% during the same period. The Bank’s balance sheet remains healthy with Tier 1 capital ratio at 19.2% and Capital Adequacy ratio of 20.4%.”