Emirates Islamic Bank has announced record profits of 811 million dirhams in the first quarter of 2024, marking a remarkable 35% increase compared to the same period last year. According to a statement issued by the bank, total income surged by 19%, driven by growth in both funded and unfunded sources of income, while operating profits saw a substantial 28% increase.
Provisions for impairment witnessed a significant decline of 56% during the first quarter of this year compared to the corresponding period in the previous year. Meanwhile, total assets surged by 8% from the end of 2023 to reach 95 billion dirhams. Financing activities for customers also saw a notable uptick, rising by 6% to 57.1 billion dirhams, while customer deposits grew by 9% to reach 66.7 billion dirhams, with the financing-to-deposit ratio reaching 85.5%.
Hisham Abdullah Al-Qassim, Chairman of the Bank’s Board of Directors, attributed the bank’s robust performance to its commitment to providing innovative financial solutions and enhancing customer experience. Al-Qassim highlighted the bank’s achievements over its 20-year journey as a leading financial institution in the UAE, emphasizing its focus on Emiratisation, diversity and inclusion, sustainability, and other key areas of development.
