Dubai – Mubasher: The net profits of Emirates Islamic Bank reached AED 2.49 billion in the first nine months (9M) of 2024, marking a 52% year-on-year (YoY) hike from AED 1.64 billion.
The lender posted 16% higher total operating income at AED 4.08 billion in the January-September 2024 period, versus AED 3.53 billion in 9M-23, according to the unaudited financial results.
Earnings per share (EPS) climbed to AED 0.46 in 9M-24 from AED 0.30 in the year-ago period.
The total assets hiked to AED 106.62 billion at the end of September 2024 from AED 87.81 billion as of 31 December 2023, while the customer deposits widened to AED 74.21 billion from AED 61.31 billion.
Income Statements for Q3
In the third quarter (Q3) of 2024, Emirates Islamic Bank generated a 92% YoY leap in net profit to AED 835.23 million, compared to AED 435.29 million.
The total income grew by 16% to AED 1.38 billion in Q3-24 from AED 1.19 billion in Q3-23, while the EPS increased to AED 0.15 from AED 0.08.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, commented: “With profit rates remaining relatively stable, our net profit margin remained at a very healthy 4.50% in the first nine months of 2024.”
Farid AlMulla, CEO of Emirates Islamic, said: “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 AED 67 billion and a 21% increase in customer deposits to AED 74 billion.”
During the first half (H1) of 2024, the DFM-listed bank logged net profits valued at AED 1.66 billion.
