Emirates Islamic achieved its highest ever net profit of AED2.5 billion ($680 million) for the first nine months (9M) of 2024, a remarkable 52% surge y-o-y. 

 

Income for the year rose 16% reaching AED4.1 billion.  This exceptional performance is driven by significant growth in both funded and non-funded income and a 24% increase in Customer Financing, which underscores the bank’s steady growth trajectory.  

 

In Q3-24, Emirates Islamic profit increased by 92%, to AED835 million, with income growing by 16% to AED1.4 billion. These excellent results highlight the effectiveness of the bank’s strategic growth initiatives and operational efficiencies. 

 

Total income

The bank’s total income went up 16% y-o-y driven by higher funded and non-funded income and expenses decreased 10% y-o-y. Operating profit improved 31% y-o-y  and net profit sharply increased to AED2.5 billion on the back of higher funded and non-funded income.

 

Net profit margin was at 4.5% following relatively stable profit rates in the first nine months of 2024. Strong capital and liquidity combined with a healthy deposit mix enabled the bank to support customers  

 

Total assets increased to AED107 billion maintaining a solid asset base and customer financing at AED67 billion, increased 24% from 2023. Customer deposits at AED74 billion, increased 21% from 2023 with CASA balances at 72% of deposits. Non-performing financing ratio was at 4.9% with strong coverage ratio at 135%. 

 

Healthy net profit margin

Hesham Abdulla Al Qassim, Chairman, Emirates Islamic said: “With profit rates remaining relatively stable, our net profit margin remained at a very healthy 4.5% in the first nine months of 2024. Our strong results reflect our consistent focus on providing innovative financial solutions to our customers, combined with a superior customer service experience backed by the latest technology and automation.”

 

Farid AlMulla, Chief Executive Officer, Emirates Islamic said: “Following on from our remarkable financial results in the first half of 2024, we delivered profitable growth in the third quarter of 2024.  The bank’s total assets increased to AED107 billion during this period, as we continue to maintain a solid asset base. 

 

“Our total income grew by 16% y-o-y to AED4.1 billion for the first nine months of the year.  This growth was driven by higher funded and non-funded income, leading to an improvement in operating profit by 31% y-o-y.  Strong capital and liquidity combined with a healthy deposit mix enabled the bank to better support customers, with a 24% increase in Customer Financing to AED67 billion and a 21% increase in customer deposits to AED74 billion.”--TradeArabia News Service