Emirates Islamic Announces Q3 2019 Financial Results
October 28, 2019
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced its financial results for the period ending 30 September, 2019. The Bank reported a net profit of AED 937 million for the first nine months of 2019, a year-on-year increase of 43%.
- Net profit of AED 937 million, up 43% y-o-y.
- Total Income of AED 2.1 billion, increased by 11% y-o-y.
- Funded Income margin improved by 20 bps year-on-year to 3.17%.
- Total assets at AED 62.7 billion, increased by 8% from end 2018.
- Financing and investing receivables at AED 37.4 billion, up 3% from end 2018.
- Customer accounts at AED 45.2 billion, up 9% from end 2018.
- Current and Savings accounts balances up 3% from end 2018.
- Impaired Financing ratio is at 8.7% with a strong Coverage ratio of 115%.
- Headline financing to deposit ratio at 83% demonstrates healthy liquidity position.
- Tier 1 capital ratio at 19.2% and Capital adequacy ratio at 20.4%.
Salah Mohammed Amin, Chief Executive Officer of Emirates Islamic commented: “I am pleased to announce Emirates Islamic’s results for the first nine months of 2019, reporting the highest ever net profit of AED 937 million for this comparable period since our inception in 2004. As a leading Islamic bank, we have taken advantage of the increasing uptake of Islamic banking products in the UAE. Total Income for the first nine months of 2019 stood at AED 2.1 billion, up 11% year-on-year with funded income and foreign exchange being the primary drivers of growth. Our customer deposits are up 9% during 2019, with current and saving account balances up by 3% during the same period. The Bank’s balance sheet remains healthy with Tier 1 capital ratio at 19.2% and Capital Adequacy ratio of 20.4%.”
Salah Mohammed Amin added: “Customer experience has been a primary focus of Emirates Islamic, and we constantly strive to set ourselves apart through the adoption of best-in-class practices, the latest technology and digital innovations. We were the first Islamic bank in the world to launch WhatsApp Chat Banking earlier this year, with high adoption rates. We also became the first Islamic Bank in the UAE to offer Visa’s Dynamic Currency Conversion solution for all non-UAE Visa cardholders. Our Credit cards have been very popular among UAE customers, and we recently launched Cashback Souk; an exclusive online portal for Emirates Islamic card members offering up to 25% cash-back on over 1,500 global brands.”
“Emirates Islamic has always played an integral part in the UAE’s growth and development. We are proud to be the official Islamic banking partner of Expo 2020 Dubai. As investments and opportunities arising out of this showcase event continue to increase, we are strategically placed to provide convenient banking solutions to residents and visitors alike and increase the awareness of Islamic banking not only in the UAE, but across the globe”, he concluded.
Emirates Islamic was recently named ‘Best Islamic Bank, UAE, 2019’ at the World Finance Islamic Finance Awards 2019, in recognition of its strong financial performance, commitment to service excellence and digitization, as well as its approach to providing a wide range of innovative products and services. The Bank also received the “Most Innovative Islamic Bank” in the UAE award from Islamic Finance News for its ongoing product innovations. Earlier in the year, the Bank was recognised for its commitment to the nation’s Emiratisation agenda and providing career growth opportunities to UAE Nationals by winning the ‘Human Resources Development’ award from the Emirates Institute for Banking and Financial Studies.