The net profits of «Emirates Islamic» .. the highest ever

Salah Mohamed Amin: «(Emirates Islamic) has achieved the highest growth rate in financing receivable financing activities and deposits since 2016».

Emirates Islamic's net profit jumped to a record high of 1.24 billion dirhams for the year 2022.

The bank's financial results for the year 2022 showed an increase in total income by 33%, compared to the same period in the previous year.

Total assets increased by 15% to reach 75 billion dirhams in 2022, and financing activities owed to customers increased by 14% to reach 48.4 billion dirhams, while customer deposits amounted to 56.3 billion dirhams, up by 19%, while current account balances and savings accounts represented 74% of the total deposits.

Hisham Abdullah Al Qasim, Chairman of the Board of Directors of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD, said: “(Emirates Islamic) achieved net profits that are the highest ever, amounting to 1.24 billion dirhams in 2022, representing an increase of 51%, compared to In the year 2021.

He added, “The bank was able to achieve a 36% increase in operating profits, accompanied by an improvement in the cost of risk, compared to 2021, at a time when the bank provided smooth access to the capital markets in the UAE for investors, as the bank receiving subscription for the initial public offering in Dubai Financial Market".

He explained, “Based on the strong performance of the bank, (Fitch International Credit Rating Corporation) affirmed (Emirates Islamic) long-term rating (A+) with a stable outlook, and a short-term rating of “F1”, while raising the bank’s rating in terms of viability. ».

Emirates Islamic also achieved the highest rates of Emiratisation in the banking sector in the UAE, at 38% of the total number of employees, and 34% for sensitive positions.

For his part, Salah Mohamed Amin, CEO of Emirates Islamic, said, “(Emirates Islamic) has strengthened its position as a leading Islamic financial institution in the UAE, and has achieved the highest growth rate in financing receivables and deposits since 2016, which reflects the current optimism. The business scene prevails.

He added, "Customers' financing grew by 14%, and customer deposits grew by 19% during the year, in conjunction with a growth of 13% in the balances of current and savings accounts during the year."

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