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Emirates Islamic posted a net profit of AED701m (US$193m) for the first half of 2022, up 23% on higher financing and non-financing income and significantly lower risk costs, reflecting improving business sentiment.
The bank’s total revenue reached AED 1.37 billion, up 16% year-on-year, while investment expenditures for future growth amounted to AED 594 million.
Impairment provisions decreased by 12% year-on-year, reflecting improved business sentiment, and operating profit increased by 19% year-on-year.
The bank posted a net margin of 2.92%, reflecting improved margins in the first half of 2022, while strong capital and liquidity coupled with a healthy deposit mix enables the bank to support customers.
Chairman Hesham Abdulla Al Qassim said: “Our solid performance was underpinned by higher financing and non-financing income, as well as higher client financing reflecting positive economic sentiment in the UAE. We also benefited from a significant reduction in the cost of risk supported by a strong economy. “
“We are delighted to support the initial public offerings of TECOM and DEWA on the Dubai Financial Market (DFM), allowing key clients to participate in and benefit from these landmark listings in our role as receiving bank. As the leading bank in the UAE and the region’s A long-standing and important player in the UAE industry, we are pleased to support the UAE leadership’s plans to list state-owned entities on the DFM, thereby furthering the development of the UAE’s capital markets.
“We play a pivotal role in the UAE’s growing Islamic banking sector and remain committed to supporting the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Make Dubai the global capital of the Islamic economy.
“The UAE Islamic Charity Fund continues to support various humanitarian causes in the UAE through charitable donations,” he added.
Salah Mohammed Amin, Chief Executive Officer, said: “Emirates Islamic’s total assets increased by 14% to AED74 billion in the first half of 2022, demonstrating our support for the UAE’s strong economy. Emirates Islamic is the first Islamic bank to integrate digital innovation One, our digital focus continues to pay us well in terms of customer loyalty and market share. In the first half of 2022, we further strengthened our multifaceted digital channels and products, including ATM/CDM transformation and WhatsApp Banking new features.”
“Excellent customer experience is at the heart of everything we do. We are proud to uphold the highest level of customer excellence as we set new benchmarks for innovation-driven Islamic banking in the region.
“We expanded our product offering with the launch of Emarati Family Savings Account, Emarati Business Account and Super Savings Etihad Guest Account. We continue to invest in new technologies and enhance our offerings to broaden our appeal to the wider UAE population,” he added. – trade arab news agency
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