“Emirates Islamic Bank ” achieved a net profit of 601 million Dirhams in the first three months of year 2023, as the total income increases by 74%, announcing that this achievement successfully exceeded the goal defined by the Central bank of Emirates , and recording one of the highest settlement rates in the Emirates Banking department.
Emirates Islamic Bank achievements
According to financial results for the first quarter of year 2023, The bank has achieved a very powerful performance, as the total income increases by 74%, comparing to the same period in the last year, due to the increase of basic revenues, as a result of the improvement of the deposits and investments combination, and the increment of profit rates which is accompanied by the rise of the non-interest income.
As the bank stated that It's all thanks to the strong capital base, in addition to the right diversification in the mix of deposits, the bank will be able to provide continuous support to its customers.
The results shows the increment of the total assets by 4% comparing to the end of the last year, to reach 77.9 billion Dirhams, and the credit financial activities of the customers have increased by 3% comparing to the end of the last year, to reach 49.6 billion Dirhams.
Customers’ deposits reached 57.3 billion Dirhams, which is increased by 2% comparing to the end of the year 2022, at the same time the current and saving accounts balance represents 75% of the total deposits amount.
The investment to the deposits percentage reached 87%, which reflects the powerful cash situation of the Emirates.
Hesham Abdullah El-Qasim the “Emirates Islamic bank” chairman stated that :”During the UAE’s continuous achievement of reaching higher rates of economic development, leading to gain the customers confidence, which results the increase of personal products demand, the payment progress using cards and the customers deposits growth”.
He also added:” We have in “Emirates Islamic bank ” well established confidence of Emirates talents abilities, and we exceeded the settlement aim, which is defined by the Central Emirates Bank, we are also proud today of achieving one of the highest settlement rates in the Emirates banking department by 38% from total number of the bank employees”.
Salah Mohamed Amin, the CEO declared that: ” The public budget of “Emirates Islamic Bank ” keeps its strength through achieving growth by 4% from total assets in the first quarter in year 2023, to reach 77.9 billions Dirham, which refers to our operational abilities and surrounding risks management”.
And he added: “Our strong results shows our concentrated efforts to provide creative financial solutions to our customers, and improve customers’ experience generally”.
