Emirates Islamic reports record net profit of $163.6mln for Q1 2023

Emirates Islamic reports record net profit of $163.6mln for Q1 2023

Emirates Islamic delivered a record net profit of Dh601 million for the first three months of 2023 as total income grew 74 per cent, the bank said in a statement on Thursday.

Total income rose 74 per cent year-on-year, driven by rising core revenues as a result of improved financing and deposit mix with higher profit rates coupled with higher non funded income.

Operating profit showed an impressive growth of 103 per cent y-o-y, while net profit margin improved to 4.72 per cent.

Total assets stood at Dh77.9 billion, an increase of 4 per cent from end 2022.

Customer deposits, at Dh57.3 billion, increased 2 per cent from end 2022 with Current Account and Savings Account (CASA) balances at 75 per cent of total deposits.