Emirates Islamic, a leading Islamic financial institutions in the UAE, has posted a net profit of Dh657 million ($197 million) for the third quarter (Q3) of the year, marking a year-on-year (y-o-y) increase of 32 per cent.

Total Income (net of customers’ share of profit and distribution to Sukuk holders)increased by 2 per cent y-o-y to Dh1.8 billion, while financing and investing receivables at Dh36.3 billion, increased by 7 per cent from end 2017.

Customer deposits stood at Dh42.4 billion, increasing by 1 per cent from end 2017 with current and saving account balances up 1 per cent from end 2017.

Headline financing to deposits ratio at 86 per cent and remains comfortably within the management’s target range, a bank statement said.

Common Equity Tier 1 ratio and Capital Adequacy Ratio stood at 15.6 per cent 16.7 per cent, respectively. Impaired Financing ratio improved to 8.3 per cent whilst Coverage ratio strengthened to 119.5 per cent.

Salah Mohammed Amin, chief executive officer of Emirates Islamic said: “At Emirates Islamic, we continue to deliver profitable growth with net profit for the first nine months up by 32 per cent over the same period last year. The increase in profitability is on the back of growth in financing receivables and investments securities, coupled with an increase in core fee income and a lower cost of risk. The Bank’s balance sheet is strongly positioned with robust liquidity, solid capital ratios and a further improvement in credit quality, as we continue to expand our presence in the Islamic banking sector.”

“The lifestyles of our customers are rapidly evolving, as they seek more convenience and the best in customer service from their banks. At Emirates Islamic, we continue to invest in technology, with a clear purpose of simplifying day-to-day banking for our customers and providing them with a superior customer experience. I am confident this will set us apart from our competitors and help us benefit from current market opportunities.

“Supporting the community has always been at the core of everything we do at Emirates Islamic. We are proud to celebrate 2018 as the Year of Zayed, with the Emirates Islamic Charity Fund providing support to a range of charitable, humanitarian and community activities and upholding the cherished values of the late Sheikh Zayed. We are also proud to be the official Islamic banking partner of Expo 2020 Dubai, as we aim to showcase the growing importance of Islamic banking to a global audience,” he added.

Emirates Islamic, part of Emirates NBD Group, was named ‘Best Islamic Banking Brand’ by Global Brands Magazine and recognized as ‘Best Islamic Bank’ in the UAE by Global Finance, a leading financial publication. Emirates Islamic was recognized for its range of innovative products at the Banker Middle East Product Awards 2018, winning ‘Best Islamic Card’ and ‘Best Mobile Banking app’.

The bank also won the yallacompare ‘Islamic Personal Finance Provider of the Year’ for a second consecutive year. In recognition of the enhancements in customer experience made to its branch network, the bank won ‘Most Improved Branches’ in the Banks Benchmarking Index by Ethos Integrated Solutions. – TradeArabia News Service