EMIRATES ISLAMIC NET PROFIT UP 76 PER CENT IN 2015
18 January 2016
Emirates Islamic, one of the leading Islamic financial institutions in the region, today announced its full-year financial results for 2015, with the bank reporting strong growth for the fourth consecutive year.
Emirates Islamic Full Year 2015 Financial Highlights:
- Net income up 25 per cent to AED 2.43 billion
- Net profit up 76 per cent to AED 641 million
- Financing and investing receivables up 31 per cent to AED 34 billion
- Deposits up 25 per cent to AED 39.3 billion
For the twelve months ending December 31, 2015, the bank reported a net profit of AED 641 million, a 76 per cent year-on-year increase. The bank's total net income (net of customers' share of profit) during the period rose to AED 2.43 billion, up 25 percent compared to AED 1.95 billion in 2014.
Commenting on the bank's impressive performance, Hesham Abdulla Al Qassim, Chairman of Emirates Islamic said, "With consistently strong results and solid double-digit growth rates, Emirates Islamic continues to drive the expansion of the Islamic banking sector in UAE. In just a short span of time, the bank has asserted its position as a leading financial institution in the UAE, with strong contribution to the development of the Islamic finance sector.
"Going forward, I see Islamic banking playing an increasingly significant role in the UAE's economy as we create the solutions that support the evolving needs of individuals, corporates and SMEs. With a clearly defined roadmap for the future, I am confident that Emirates Islamic will continue to be a key driving force in fulfilling the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai in making Dubai the global capital of Islamic economy."
Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic commented: "Emirates Islamic's performance in 2015 is the result of our relentless pursuit of excellence, whether in providing innovative financial solutions to our customers or furthering the growth of Islamic banking in the UAE. We launched our transformation strategy in 2011 with a clear objective to become a leader in the Islamic financial sector and our achievements in 2015 are another milestone on this road to success. Our strong performance was achieved on the back of robust growth and high customer acquisition across our three core segments, namely Corporate, Individual and SME resulting in a 26 per cent increase in our customer base, a key testament to our winning offering.
"Through product and service innovation, we have continued to drive the growth of Islamic banking in the UAE and we will continue to strengthen our product proposition, invest in the latest technology and deliver outstanding customer experience, making Emirates Islamic a preferred banking partner for customers," added Bin Ghalaita.
In September 2015, Fitch, the global ratings agency, assigned Emirates Islamic a long term Issuer Default Rating (IDR) of 'A+' with a Stable Outlook, Short-term IDR of 'F1', and a Viability Rating (VR) at 'bb-'. The rating agency also affirmed the bank's support rating of '1'. This rating places Emirates Islamic among the highest ranked banks in the UAE and is a key milestone on the bank's road to growth and success.
Taking the lead in furthering the uptake of Islamic banking, the bank announced the launch of the ISLAMIC BANKING INDEX by EMIRATES ISLAMIC™ , a first-of-its-kind consumer focused survey on Islamic Banking in the UAE, creating a pathway to the solutions that will enable its continued growth in the UAE. In addition, Emirates Islamic introduced EI Trade, a customised Shari'a-compliant online trade and supply chain platform for its business and corporate customers. The bank also expanded its banking channels with the launch of EI World, a mobile banking app that allows Emirates Islamic customers to conduct banking transactions in a fun and engaging environment.
The bank's impressive performance continued to be recognized across the industry, winning awards including Best Retail Bank - UAE, Best Commercial Bank - UAE and Best Wealth Management - ME at CPI Financial's Islamic Business & Finance Awards; 'Best Islamic Bank in the UAE' by World Finance magazine for the second time in three years; 'Best Savings Account' and 'Best New SME product' at the Banker Middle East Product Awards 2015; and the Euromoney Award for Innovation in Islamic Finance 2015 for the bank's Nasdaq Dubai Murabaha platform.