Dubai – Mubasher: Emirates Islamic Bank generated net profits worth AED 2.12 billion in 2023, signalling the highest-recorded level in the bank’s history and marking a 71% increase from AED 1.24 billion in 2022.
The earnings per share (EPS) rose to AED 0.39 at the end of December 2023 from AED 0.22 in the same period last year, according to the consolidated income statement.
Emirates Islamic recorded an annual increase in customer deposits account to AED 61.31 billion as of 31 December 2023 when compared with AED 56.34 billion in the same period a year ago.
The total assets surged by 18% to AED 87.81 billion at the end of 2023 when compared with AED 74.76 billion in 2022.
Meanwhile, during the fourth quarter (Q4) of 2023, the bank’s total income reached AED 1.20 billion, marking a noteworthy 24% annual growth.
Chairman of Emirates Islamic, Hesham Abdulla Al Qassim, said: “The strong balance sheet, low cost funding base, and digital architecture form a strong platform for even greater achievements in the future.”
Al Qassim noted: “We are committed to our core Islamic principles and contributed over AED 50 million to a range of charitable initiatives in 2023 through the Emirates Islamic Charity Fund.”
From his part, CEO of Emirates Islamic, Farid Al Mulla, said: “As the flagship Islamic banking arm of the Emirates NBD Group, we exceeded all expectations in 2023, including our highest-ever profit. Emirates Islamic’s gross financing increased in 2023, including improved productivity and return on assets.”
During the first nine months (9M) of 2023, the UAE lender posted net profits worth AED 1.64 billion and its total operating income reached AED 3.53 billion.
