Emirates Islamic Records Stellar Q1 2024 Profit, Surging To AED 811 Million

Emirates Islamic has announced a significant increase in its profits for the first quarter of 2024, with a record-setting AED811 million, marking a 35 percent rise compared to the same period last year. This financial achievement is supported by a substantial 19 percent growth in total income, driven by both funded and non-funded income streams. This performance reflects the Bank's strong business sentiment and strategic financial management, alongside a 28 percent increase in operating profit, highlighting operational efficiency and a positive economic outlook in the vibrant regional economy. The bank's cost-to-income ratio was reported at 28.4 percent, with a net profit margin of 4.7 percent.

Hesham Abdulla Al Qassim, the Chairman of Emirates Islamic, commented on the results, stating, "The Bank’s total income grew 19 percent compared to the first quarter of 2023, with customer deposits increasing by 9 percent from the end of 2023, with Current Account and Savings Account balances at 77 percent of total deposits. Our strong results are a reflection of our focus on providing innovative financial solutions to our customers while enhancing the overall customer experience." He also highlighted that Emirates Islamic is celebrating 20 years of progress this year, reinforcing its position as a leading Shariah-compliant bank in the UAE.

In addition to these achievements, Emirates Islamic recently completed its debut US$500 million syndicated Financing Facility. This landmark three-year term financing facility is notable for being the first of its kind to be raised by a Shariah-compliant financial institution, marking a significant milestone for the bank.

Farid AlMulla, Chief Executive Officer of Emirates Islamic, shared insights into the bank's performance, "Emirates Islamic has delivered record profitable growth in the first quarter of 2024, with total assets increasing by 8 percent to AED95 billion. Strong capital and liquidity, combined with a healthy deposit mix, enabled the Bank to continue supporting customers." He further emphasized that the impressive growth of 28 percent year-on-year in operating profit underscores the success of Emirates Islamic’s strategy.

This remarkable performance by Emirates Islamic in the first quarter of 2024 not only demonstrates its financial resilience and strategic prowess but also underscores its commitment to innovation and customer satisfaction. As the bank celebrates two decades of service, it continues to solidify its position as a key player in the UAE's Shariah-compliant banking sector.

With inputs from WAM