Emirates Islamic has achieved a remarkable milestone in 2024 by reporting a record profit before tax of AED 3.1 billion, marking a significant 46% increase from the previous year. This substantial growth is attributed to a positive trend in both funded and non-funded income, highlighting the bank’s robust business performance. The total income rose by 13% to AED 5.4 billion, while assets grew by an impressive 27% to AED 111 billion. Customer financing saw a notable surge of 31% to AED 71 billion, and customer deposits increased by 25% to AED 77 billion in 2024.
The bank’s net profit also reached a record high of AED 2.8 billion, reflecting a 32% increase. This success is underscored by a decrease in expenses by 7% year-on-year and a 28% reduction in impairment allowances due to improved credit quality. The non-performing financing ratio improved to 4.4%, accompanied by a strong coverage ratio of 142%. Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, emphasized that the bank delivered its best-ever financial performance in 2024, solidifying its position as the fastest-growing Islamic bank in the UAE.
Farid AlMulla, CEO of Emirates Islamic, noted that the bank will continue to focus on strategic objectives to drive growth and deliver value for stakeholders in 2025. This includes enhancing customer experience, operational efficiency, risk management, and sustainability. Emirates Islamic’s strong balance sheet and asset growth outpace other UAE Islamic banks since 2020, demonstrating its agility and expertise in meeting the growing demand for Islamic banking services.
The bank’s achievements highlight the strength of the regional economy and its resilience in responding to increased demand. With a solid capital and liquidity position, Emirates Islamic is well-equipped to support its customers through a diverse range of financial products and services. The bank’s commitment to digital transformation and customer-centric strategies positions it for continued success in the competitive UAE banking sector.
Emirates Islamic’s financial performance in 2024 sets a precedent for future growth, as it continues to innovate and expand its offerings to meet evolving customer needs. By focusing on operational efficiency and sustainability, the bank aims to maintain its leadership in the Islamic banking sector while contributing to the economic development of the UAE.
