Emirates Islamic Bank achieved its highest-ever profit of Dh2.5 billion for the first nine months of 2024, representing a 52% increase year-on-year. The bank’s total income also grew by 16%, reaching Dh4.1 billion, thanks to strong growth in both funded and non-funded income. Additionally, customer financing saw a significant rise of 24%.
In the third quarter alone, the bank’s profit surged by 92% to Dh835 million, with total income increasing by 16% to Dh1.4 billion. This growth highlights the effectiveness of Emirates Islamic’s strategic initiatives and operational efficiencies.
Stable Profit Margins and Expanding Asset Base
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, attributed the bank’s success to its consistent focus on providing innovative financial solutions paired with superior customer service. He noted that profit margins remained strong at 4.5% during the first nine months of 2024.
The bank’s total assets increased to Dh107 billion during this period, maintaining a solid asset base. Farid AlMulla, CEO of Emirates Islamic, emphasized the importance of strong capital and liquidity, which helped boost customer financing by 24% to Dh67 billion and customer deposits by 21% to Dh74 billion.
Innovation and Leadership in Islamic Banking
Emirates Islamic has also made strides in digital banking innovation within the Islamic financial services sector. The bank was the first in the UAE to launch a Digital Wealth platform on its mobile banking app and the first in the region to introduce fractional sukuks for investors.
AlMulla added that the bank continues to pioneer new developments in Islamic banking, supporting individuals, entrepreneurs, corporates, and SMEs across the region. The bank’s operating profit has also improved by 31%, while its expenses decreased by 10% year-on-year.
