Emirates Islamic Announces H1 2019 Financial Results

Emirates Islamic announced its financial results for the period ending June 30, 2019

DUBAI, (UrduPoint / Pakistan Point News / WAM - 18th Jul, 2019) Emirates Islamic announced its financial results for the period ending June 30, 2019. The Bank reported a net profit of AED 673 million for the first half of 2019, an increase of 39% year-on-year. The strong set of results were supported by balance sheet growth, higher funded income, growth in foreign exchange income, a tighter control on cost and lower cost of risk.

Financial Highlights – H1 2019: Net profit of AED 673 million, up 39% y-o-y.

Total assets at AED 61.1 billion, increased by 5% from end 2018.

Financing and investing receivables at AED 36.6 billion, up 1% from end 2018.

Customer accounts at AED 43.8 billion, up 5% from end 2018.

Impaired financing ratio is at 8.6% with a strong Coverage ratio of 115%.

Headline financing to deposit ratio at 83% demonstrates a healthy liquidity position.

Tier 1 capital ratio at 17.8% and capital adequacy ratio at 18.9%.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD, commented: "Continuing the growth momentum from 2018, we are pleased that Emirates Islamic has announced another strong set of results for the first half of 2019. Emirates Islamic has driven the growth of Islamic banking in the UAE, setting benchmarks in customer experience and innovation.

Our success is a reflection of the increasing appetite for Shari’a-compliant banking in the UAE and the region, and we will continue to support the vision of the Government to make Dubai the global capital of the Islamic economy."

Salah Mohammed Amin, Chief Executive Officer of Emirates Islamic commented: "At Emirates Islamic, we continue to deliver robust and profitable growth, recording a net profit of AED 673 million for the first half of 2019, a 39 percent year-on-year increase. Our performance is a result of core business growth, with both financing and customer deposits higher compared to end 2018. Foreign exchange income showed an upward trend, with a growing number of customers availing foreign exchange services from the Bank. The Bank’s balance sheet remains healthy with a further strengthening in capital due to retained earnings, stable credit quality and liquidity."

Salah Amin concluded, "As the official Islamic banking partner of Expo 2020 Dubai, we will aim to expand the footprint of Islamic banking in the UAE and provide innovative solutions that will support the growing needs of individuals, corporates and SMEs."