Emirates Islamic, a leading Islamic financial institution in the UAE, has posted a net profit of AED212 million ($57.7 million) for the first quarter (Q1) of the year, marking a year-on-year increase of 37%.

Emirates Islamic, a leading Islamic financial institution in the UAE, has posted a net profit of AED212 million ($57.7 million) for the first quarter (Q1) of the year, on the back of lower cost and lower impairment allowances, marking a year-on-year increase of 37%.
Total income was up 12% q-o-q on the back of recovery in non-funded income on the back of strong operating performance on higher non-funded income with proactive cost management

Expenses declined 9% y-o-y and 11% q-o-q due to effective cost management, while the operating profit of AED319 million was lower by 12% y-o-y and improved 39% q-o-q.

Business performance

•    22% increase in digital transactions across the bank’s online banking platforms.
•    The bank has transformed nine of its branches to provide people of determination with convenient user experiences. The initiative is part of the bank’s commitment to create a financially inclusive community for people of determination in the UAE.
•    The bank has expanded its Business Banking centre network to support small and medium enterprises (SMEs) by launching two new facilities in the heart of Dubai, on Sheikh Zayed Road and in Al Twar.

Hesham Abdulla Al Qassim, Chairman said: “We are pleased to report a strong performance by Emirates Islamic in Q1 2021, as the Bank focused on enhancing its operations and the UAE economy continued to respond favourably to the positive measures and vaccination programme undertaken by the Government in handling the Covid-19 pandemic.

“We are confident that consumer confidence and business activity will continue improving. As the Official Islamic Banking Partner to Expo 2020 Dubai, we are optimistic of the growth opportunities this milestone event will bring to individuals and business in the UAE.”

Salah Mohammed Amin, Chief Executive Officer said:  “Emirates Islamic has delivered profitable growth in Q1 2021 with net profit improving 37% year on year, driven by proactive cost management and lower provisions.”

“As a leading Islamic Bank, our focus has always been on improving the customer experience which differentiates us from our competition. Our customer-centric and innovative approach is appreciated by customers and we aim to build upon our existing strengths in digital innovation to meet the increasing demand for customer-friendly, secure and convenient solutions.

“We remain committed to advancing the adoption of Islamic banking among business and individuals in the UAE and be a key driving force in fulfilling the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai in making Dubai the global capital of Islamic economy,” he added. – TradeArabia News Service