Emirates Islamic swings to $218mln net profit on lower impairment costs | ZAWYA MENA Edition

Emirates Islamic swings to $218mln net profit on lower impairment costs | ZAWYA MENA Edition

Emirates Islamic’s earnings have rebounded on the back of higher non-funded income and lower impairment allowances.

The Islamic lender reported on Wednesday a net profit of 804 million dirhams ($218.8 million) for the first nine months of the year, up 358 percent from a year ago, when net losses reached 311 million dirhams.

Total income also grew 14 percent year-on-year to 1.798 billion dirhams during the same period, while expenses fell one percent year-on-year to 808 million dirhams.

In a statement to the Dubai Financial Market (DFM), the bank said it has achieved “strong capital and liquidity”, combined with a “healthy deposit mix”.

It said total assets have remained “robust” at 66 billion dirhams, while customer financing went up 4 percent to 42.4 billion dirhams. Total customer deposits also rose 4 percent to 48.9 billion dirhams.

“As a key contributor to the development of the overall Islamic finance sector, Emirates Islamic has asserted its position as a leading financial institution in the UAE, and this is reflected in our financial performance,” said Salah Mohammed Amin, the bank’s CEO.