Emirates Islamic achieves 569 million dirhams of net profit for the quarter

  • The total assets of the bank amounted to 68 billion dirhams.

    À from the source

  • Salah Mohamed Amin: “We look forward to providing seamless and convenient banking solutions to residents and visitors at (Expo 2020 Dubai) based on our experience.”

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Emirates Islamic revealed that it achieved a net profit of 569 million dirhams for the first half of 2021, as a result of improved unfunded income, effective cost control measures, and a significant reduction in the cost of risks.

The financial results of the bank showed an increase in total income by 3%, compared to the same period of the previous year, and by 5% compared to the previous quarter, due to the recovery of unfunded income, and costs decreased by 2% compared to the same period of the previous year.

Operating profits increased by 9% compared to the same period in the previous year, and by 5% compared to the previous quarter, while the net profit achieved a qualitative leap to reach 569 million dirhams.

For its part, total assets maintained their position at AED 68 billion, reflecting the strong asset base, while debtor financing activities amounted to AED 41.5 billion, an increase of 2% from 2020, and customer deposits amounted to AED 48.8 billion, an increase of 4% from the year 2020. The balances of current and savings accounts increased to represent 78% of the total deposits ratio.

Hisham Abdullah Al Qassim, Chairman of the Board of Directors, said: “In light of the continued recovery of the UAE economy, we are pleased to announce strong profits in the first half, which constitutes a clear indication of the main role that (Emirates Islamic) plays in the growth and development of Islamic banking services in the UAE.” .

For his part, CEO of Emirates Islamic, Salah Mohamed Amin, said: “Emirates Islamic has always played a pivotal role in driving the country’s growth and development, and as the official partner of Islamic banking services for Expo 2020 Dubai, we remain committed to contributing We are active in the growth of the economy and consolidating the importance of Islamic banking services in the UAE, and we look forward to offering and providing seamless and convenient banking solutions to residents and visitors, based on our experience in product innovation and exceptional customer service.”

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