Dubai – Mubasher: Emirates Islamic Bank (EIB) on Wednesday posted a 2% quarter-on-quarter rise in its profits for the first quarter of 2018.
Net profits amounted to AED 209 million in the three-month period ended 31 March 2018, according to the Dubai-based lender ’s statement.
EIB, which is one of the leading Islamic financial institutions in the UAE, attributed the first-quarter profit rise to a growth in the core income, efficient cost management and an improved cost of risk.
The first-quarter “results reflect our continued focus in providing our customers with the best in Islamic banking products and services, growth in core income combined with prudent provisioning,” CEO of EIB Jamal Bin Ghalaita said.
The bank’s total income went down 1% quarter-on-quarter to AED 590 million on the back of lower gains from the sale of investments, the Sharia-compliant banking solutions provider noted.
“We have focused on improving our liabilities mix, leading to a 3% increase in current and savings accounts balances which represent 67% of total customer accounts,” Bin Ghalaita added.
EIB's total assets declined by 7% to AED 57.8 billion in Q1-18, compared to the end of 2017 as the Emirati bank slashed the amount of cash placed with other banks.
