Emirates Islamic posts 14.8% rise in 2019 profit, crosses 1 bln dirhams for first time

Emirates Islamic posted a 14.8% increase in net profit to 1.061 billion dirhams ($288.9 million) for 2019, the first time the UAE bank crossed the 1 billion dirham mark.

The bank reported on Monday (Jan 27) an 8% rise in total income to 2.7 billion dirhams compared to 924.26 million dirhams in 2018.

Financing and investing receivables increased by 4% to 37.5 billion dirhams and  customer deposits also rose to reach 45.3 billion dirhams, a growth of 9% from 2018.

The bank’s assets grew 10.96% to 64.78 billion dirhams, constituting 9.48% of its parent company Emirates NBD that reported total Group assets of 683.32 billion dirhams.

However, this is a decrease from 2018 when the Shariah-compliant subsidiary held 11.67% of the Group’s assets.

Emirates NBD reported Group profit of 14.5 billion dirhams, up 44.44% from 2018.

($1 = 3.6725 Emirati dirhams)

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