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Emirates Islamic reported a net profit of AED701 million ($193 million) for the first half of 2022, up 23% on higher capital and non-capital income and significantly lower risk costs, reflecting improved business sentiment.
The bank’s total revenue reached AED1.37 billion, up 16% year-on-year, while investment spending for future growth reached AED594 million.
Impairment provisions decreased by 12% year-on-year, reflecting improved business conditions, and operating profit increased by 19% year-on-year.
The bank reported a net profit margin of 2.92%, reflecting higher margins in the first half of 2022, while strong capital and liquidity coupled with a healthy deposit mix enabled the bank to support customers.
Chairman Hesham Abdulla Al Qassim said: “Our solid performance was based on higher capital and non-capital income, as well as higher client financing reflecting positive economic sentiment in the UAE. We also benefited from a strong economic support with significantly lower risk costs. “
“We are delighted to support the IPOs of TECOM and DEWA on the Dubai Financial Market (DFM), enabling key clients to participate in and benefit from these landmark listings with us as a beneficiary bank. As a leading bank in the UAE and a regional bank A distinguished long-term player in the industry, we are delighted to support the UAE leadership’s plans to list state-owned entities on DFM, further driving the growth of the UAE’s capital markets.
“We play a key 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, to make Dubai To be the global capital Islamic economy.
“The Emirates 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 Airlines’ total assets increased by 14% to AED74 billion in the first half of 2022, demonstrating our support for a strong UAE economy. Emirates Islamic Bank is one of the first to integrate One of the digitally innovative Islamic banks, our focus on digital continues to pay us handsomely in terms of customer loyalty and market share. During the first half of 2022, we further enhanced our digital channels and offerings in multiple areas , including ATM/CDM transformation and new additions to our WhatsApp banking.”
“Excellent customer experience is at the heart of everything we do. We are proud to uphold the highest levels of customer excellence as we set a new benchmark for innovation-driven Islamic banking in the region.
“We have expanded our offering with the launch of the Emarati Family Savings Account, Emarati Business Account and Super Savings Etihad Guest Account. We will continue to invest in new technologies and strengthen our offerings to expand our reach to the wider UAE population power,” he added. – arab trade news agency
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