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Emirates Islamic income hits $680m in 2016

DUBAI, January 16, 2017

Emirates Islamic, one of the fastest growing banks in the UAE, said its total income (incuding the net of customers’ share of profit and distribution to Sukuk holders) for 2016 surged three per cent to Dh2.5 billion ($680.4 million).

Announcing its full-year financial results for 2016, the Emirati bank said its net profit for the year hit Dh106 million, while its financing and investing receivables stood at Dh36.3 billion, up six per cent from end of 2015.  

The total cost surged 11 per cent over the previous year to hit Dh1.1 billion. However, total costs declined significantly over last three quarters of 2016 as cost control measures were implemented during the year, stated the leading UAE Islamic bank .

Emirates Islamic said its total assets stood at Dh59.2 billion, up 11 per cent from end 2015.

On the 2016 performance, Hesham Abdulla Al Qassim, the chairman of Emirates Islamic, vice chairman and managing director of Emirates NBD, said: "In the face of challenging markets, we have proven our resilience with sound financial results. The milestone performance of our record breaking sukuk in May that was three times oversubscribed was followed by an equally successful tap issuance in August."

"This is a testimony to the strong regional and international investor confidence in the bank," he stated.

"With a stronger balance sheet and a focused medium term strategy, we shall continue to cement our position as a leader in the nation’s Islamic banking sector," remarked Al Qassim.

CEO Jamal Bin Ghalaita pointed out that Emirates Islamic’s achievements in product and service innovation integrated with a customer-centric business model had allowed it to achieve positive results in 2016.

"This year, we concentrated on improving our liabilities mix leading to a significant increase in the Bank’s current and saving accounts balances. Our commitment to delivering a customer-first experience has resulted in a 5 per cent increase in deposits and a greater demand for our product offerings, with total assets increasing by 11 per cent during 2016," he added.-TradeArabia News Service




Tags: UAE | profit | Emirates Islamic | income |

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