Emirates Islamic (EI), an Islamic Bank in Dubai and one of the leading financial institutions in the United Arab Emirates recently reported a net profit of Dh209 million, for the first quarter of 2018, up 6 percent year on year.
Emirates Islamic (EI) is the first ever Islamic bank in the region to issue a co-branded credit card with global acceptance with over 22 million outlets across a 130 countries.
According to statements, due to the lower gains from sale of investments, the bank’s total income of Dh590 million represented a 1 percent decline on quarter on quarter and 2 per cent year on year. Total assets at Dh57.8 billion, represented a 7 percent dip from year end 2017. However, the balance sheet of the bank remains strong as ever with good improvements in both credit quality and liquidity.
EI Chief Executive Officer, Jamal Bin Ghalaita said the results reflects their continuous interest in providing what is best for their customers, including Islamic banking products and services and growth in core income. An increased collection drive and reduced risk resulted in 14 percent lower impairments as compared to the same period last year.
Bin Ghalaita further added that Emirates Islamic is interested on improving its service delivery so as to increase at least by 3 percent the current and savings accounts balances which represent about 67 percent of total customer accounts.
In UAE, the sector is continuously growing correctly and they are well prepared to take advantage of this growth to improve their market share. Their ongoing investments in the latest technology and digital banking solutions have helped them provide their customers with major service experience.
Additionally, the impairment charge of Dh102 million improved by 14 percent from the last quarter of 2017 compared to the quarter under review and by 24 percent year on year. In addition, at the close of the quarter, the bank’s tier 1 capital ratio was at about 15.2 per cent, and capital adequacy ratio was exactly at 16.3 per cent.