EMIRATES ISLAMIC ANNOUNCES Q3 2015 RESULTS
27 October 2015
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, delivered strong results for the period ending September 30, 2015, recording its 15th consecutive quarter of top line growth.
For the first nine months of 2015, Emirates Islamic announced a net profit of AED 534 million, an increase of 109 per cent over the same period in 2014. Total operating income (net of customers' share of profit) grew to AED 1,801 million, an increase of 27 per cent compared to the same period last year. The bank's financing book receivables grew by 24 per cent to AED 32 billion from AED 26 billion as of December 31, 2014.
Emirates Islamic Q3 2015 Financial Highlights:
- Net profit at AED 534 million, up 109 per cent compared to the same period of 2014
- Total operating income at AED 1,801 million, up 27 per cent compared to the same period of 2014
- Financing receivables up 24 per cent to AED 32 billion
- Provisions coverage ratio at 107 per cent
- Non-performing financing ratio at 7.6 per cent
Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic, stated: "Emirates Islamic's strong results for the fourth year running is a successful culmination of our transformation journey. With a firm focus on innovation, we are at the forefront of exciting developments in the UAE's Islamic Banking sector as the industry grows in strength and influence to support the needs of individuals, entrepreneurs, corporates and SMEs in the UAE."
Continued Bin Ghalaita, "Islamic Banking is clearly continuing on the growth journey, evidenced by our recent survey into the banking habits of UAE consumers. The first ISLAMIC BANKING INDEX by EMIRATES ISLAMIC? revealed that more than half of people in the UAE have an Islamic banking product and more interestingly, almost 60% of non-Muslims would consider a Shari'a compliant banking product in the next six months. These figures indicate a clear opportunity for further growth in Islamic banking.
"Backed by our strong financials and a solid management team, I am confident that Emirates Islamic is poised to take a leadership position in the sector and continue to support Dubai in its aim of becoming the global capital of Islamic economy," concluded Bin Ghalaita.
Emirates Islamic has recently received a long term Issuer Default Rating (IDR) of ?A+' with a Stable Outlook by Fitch, the global ratings agency. Fitch has also affirmed the bank's support rating of '1'.
Moreover, the bank was named ?Best Islamic Bank in the UAE' by World Finance magazine for the second time in three years and also won ?Best Savings Account' and ?Best New SME product' at the Banker Middle East Product Awards 2015. In addition, the bank's Nasdaq Dubai Murabaha platform won the prestigious Euromoney Award for Innovation in Islamic Finance 2015.