UAE's Emirates Islamic records highest ever half-year net profit for H1 2023

Emirates Islamic, Dubai-based lender recorded its highest ever half-year net profit for H1 2023.

The bank's net profit rose 73% year-on-year, totaling Dhs1.2billion for the first half of 2023, driven by higher funded and non-funded income.

The total income equaled Dhs2.34billion, up 71% year-on-year, while its expenses also surged 63% annually to reach Dhs968million. Meanwhile, its operating profit climbed 77% year-on-year, and total assets rose 6% from end of the year 2022, to equal Dhs79billion. 

Customer deposits at Dhs58billion, increased 3% from end 2022 with current and saving account balances at 77% of deposits.  

Emirates Islamic delivered a record set of financial results, with a net profit of AED 1.2 billion for the first six months of 2023. Emirates Islamic has always played an integral part in the UAE’s development and we are committed to contributing substantially to the economy’s growth by providing innovative Shariah-compliant banking solutions to our customers," said Hesham Abdulla Al Qassim, Chairman of Emirates Islamic. 

"Demonstrating Emirates Islamic’s commitment to deepening the liquidity of the local currency sukuk market, Emirates Islamic issued the first dirham sukuk from a UAE bank, with a hugely successful AED 1 billion dirham-denominated sukuk. The sukuk issue sets an important precedent, expanding financing options for UAE corporations with Shariah-compliant needs while enhancing the development of the medium-term dirham yield curve," he added.