Emirates Islamic Bank posted a net profit of AED 673 million for the first half of 2019, up 39 per cent from the same period in 2018.
The Bank attributed strong results to balance sheet growth, higher financing income, growth in foreign exchange transaction income, cost control and lower cost to risk ratio.
According to the financial results for the first half of 2019, total income increased by 10% compared to the same period of the previous year to reach 1.3 billion dirhams, and the net profit margins of the funded by 21 basis points, compared to the same period of the previous year, to 3.16% Higher interest rates.
Total assets stood at AED 61.1 billion, up 5% from the end of 2018, with AED 36.6 billion in financing and investing activities, up 1% from the end of 2018.
Customer accounts rose by 5% from the end of 2018 to reach AED 43.8 billion. As well as current and savings account balances by 3% from the end of 2018. The low financing ratio was 8.6% with a strong coverage ratio of 115%. The ratio of financing to deposits was 83%, reflecting the sound liquidity position. The first tier of capital was 17.8% and the capital adequacy ratio was 18.9%.
Emirates Islamic Bank Chairman and Deputy Chairman and Managing Director of Emirates NBD Group Hisham Abdullah Al Qassem said that Emirates Islamic Bank has once again achieved strong results for the first half of 2019 and is emerging as a driving force for the growth of Islamic banking in the UAE. Establishing new standards of excellence in customer experience and innovation.
"Our success today reflects the increasing demand for Shariah-compliant banking in the UAE and the region, and we will continue to support our government's vision of making Dubai a global capital for the Islamic economy."
Emirates Islamic Bank Chief Executive Officer Salah Mohammed Amin said the bank continued to achieve strong and profitable growth, which was reflected by a 39% rise in net profit compared to the same period last year.
"This remarkable achievement comes against the backdrop of the growth of our core business. Financing activities and customer deposits have increased compared to the end of 2018. The income of foreign exchange transactions has increased as a result of the increasing demand for customers to benefit from foreign exchange services provided by the Bank. The Bank's balance sheet continues to maintain its strong position, with more capital ratios supported as a result of retained earnings, stable credit quality and liquidity. "
Investment in technology and infrastructure projects, as well as ongoing innovations in products, have improved the perception of customers towards Emirates Islamic Bank to highlight their perception as an Islamic bank that already has a distinctive edge in innovation.