EI’s net profit at record high of Dhs2.8 billion

Emirates Islamic (EI) has reported a record profit before tax of Dhs3.1 billion in 2024, a remarkable 46 per cent increase over the previous year.

Net profit also reached a record high of Dhs2.8 billion, representing a 32 per cent growth.

This exceptional growth is driven by a positive trend in both funded and non-funded income, demonstrating a very strong business performance. Total income increased 13 per cent to Dhs5.4 billion as assets grew 27 per cent to Dhs111 billion.

Customer financing surged by an impressive 31 per cent to Dhs71 billion and customer deposits increased by a very healthy 25 per cent to Dhs77 billion in 2024.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said, “Emirates Islamic delivered its best-ever financial performance during 2024, cementing our position as the fastest-growing Islamic bank in the UAE.

“The bank’s remarkable trajectory is reflected in a very strong balance sheet, with assets growing at a faster rate compared to any of the UAE Islamic Banks since 2020.”

Farid AlMulla, Chief Executive Officer of Emirates Islamic, said, “Emirates Islamic exceeded all expectations in 2024 as we delivered our highest-ever profit. This success was driven by strong growth in both funded and non-funded income, resulting in a healthy net profit margin and a low cost of risk.” Meanwhile Emirates Islamic profit surged to a record Dhs811 million in the first quarter of 2024, up 35 per cent year-on-year (YoY).

This remarkable financial success was underpinned by a robust 19 per cent growth in total income, propelled by higher funded and non-funded income streams, which serves as a testament to the Bank’s strengthened business sentiment and strategic financial management.

Furthermore, the noteworthy 28 per cent increase in operating profit not only underscores the Bank’s operational efficiency but also mirrors the positive economic outlook within the buoyant regional economy.

WAM