Emirates Islamic, a leading Islamic financial institutions in the UAE, has announced a net profit of Dh194 million ($52.8 million) for the first quarter of the year, an increase of 106 per cent over the same period last year.

Total income (net of customers’ share of profit) grew by 58 per cent to Dh 666 million compared to Dh 420 million in the same period of 2014.

Emirates Islamic’s coverage ratio improved to 97 per cent, compared to 90 per cent at December 31, 2014, highlighting the bank’s pragmatic approach not only to capture market share but focusing on further solidifying its financial base, a statement said.

Other highlights:

•    Pre-impairment operating profit of Dh523 million, up 58 per cent from Q1 2014

•    Financing and investing receivables at Dh28.4 billion, 9 per cent increase from December 31, 2014

•    Total Assets at Dh 45 billion, up 6 per cent from December 31, 2014

Jamal Bin Ghalaita, chief executive officer of Emirates Islamic, said: “In 2011, we formulated a roadmap for Emirates Islamic to propel us to market leadership status in the Islamic banking sector of the UAE. The results for the first quarter of 2015 are another milestone on this road to success. We have achieved consistently positive results over the last three years, driven on the back of growth in our core business segments, namely personal, corporate and business banking.”

“At Emirates Islamic, we recognize that Islamic banking will be a key pillar in the growth of the nation’s economy and we aim to play a leadership role in its development across the financial sector, ultimately moving towards making Dubai the global capital of Islamic economy,” he added. – TradeArabia News Service