Emirates Islamic has reported a record profit of Dh2.5 billion for the first nine months of 2024, marking a remarkable 52% increase year-on-year. This impressive financial performance is attributed to a 16% surge in total income, reaching Dh4.1 billion, driven by significant growth in both funded and non-funded income streams, alongside a 24% increase in customer financing.
Q3 2024: Exceptional Growth
In the third quarter alone, Emirates Islamic’s profit soared by 92%, amounting to Dh835 million, while total income grew by 16% to Dh1.4 billion. These figures underscore the effectiveness of the bank’s strategic growth initiatives and operational efficiencies, demonstrating a robust financial trajectory.
Key Factors Behind Success
Several factors contributed to Emirates Islamic’s record performance:
– Stable Profit Rates: The bank maintained a healthy net profit margin of 4.5% during this period.
– Decreased Expenses: Year-on-year expenses decreased by 10%, leading to an improvement in operating profit by 31%.
– Strong Customer Financing Growth: Customer financing rose to Dh67 billion, reflecting the bank’s commitment to supporting its clients.
Leadership Insights
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, emphasized the bank’s focus on innovative financial solutions and superior customer service. He stated, “Our strong results reflect our consistent focus on providing innovative financial solutions to our customers.” Farid AlMulla, CEO of Emirates Islamic, noted that total assets increased to Dh107 billion, showcasing the bank’s solid asset base.
Pioneering Digital Banking Innovation
Emirates Islamic is at the forefront of digital banking innovation within the Islamic financial services sector. The bank has achieved several milestones, including:
– Being the first Islamic bank in the UAE to launch a Digital Wealth platform on its mobile app.
– Introducing fractional sukuks for investors, setting new standards in the industry.
This commitment to innovation positions Emirates Islamic as a leader in the UAE’s Islamic banking landscape, continually adapting to meet the needs of individuals and businesses alike.
