UAE’s Emirates Islamic posts 54% rise in third-quarter profit
Emirates Islamic posted a 53.97% increase in third-quarter profit, helped by higher income and lower expenses.
The bank reported 264.18 million dirhams ($71.93 million) in net profit for the three months ending September 30 compared to 171.58 million dirhams in the same period last year.
Net income from financing and investment rose 12.68% to 474.47 million dirhams, the bank reported in a bourse filing on Monday.
At the same time, expenses nudged down 1.58% to 272.73 million dirhams.
The bank’s total net impairment, however, went up by 2.54% to 178.3 million dirhams.
NINE MONTHS PROFIT ‘HIGHEST EVER’
In a statement, Emirates Islamic said its net profit for the nine months ending September 30 was its highest ever for the comparable period, reaching 937 million dirhams.
“Total Income for the first nine months of 2019 stood at 2.1 billion dirhams, up 11% year-on-year with funded income and foreign exchange being the primary drivers of growth,” said CEO Salah Mohammed Amin.
“Our customer deposits are up 9% during 2019, with current and saving account balances up by 3% during the same period,” he added.
The bank’s assets increased by 8% to 62.7 billion dirhams from the end of 2018.
Emirates Islamic is a fully-owned subsidiary of the Emirates NBD Group.
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($1 = 3.6725 Emirati dirhams)
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