Emirates Islamic Q1 2015 financial results

2 Min | 22 April 2015

Net profit up 106 per cent to AED 194 million

Dubai, April 22, 2015: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced its results for the period ending March 31, 2015, reflecting the success of the Bank's growth strategy.

For the first three months of 2015, Emirates Islamic announced a Net Profit of AED 194 million, an increase of 106 per cent over the same period last year. Total Income (net of customers' share of profit) grew by 58% to AED 666 million compared to AED 420 million in the same period of 2014.

Results Highlights:

Net profit for Q1 2015 of AED 194 million, up 106% from Q1 2014
Total Income (net of customers' share of profit) of AED 666 million, up 58% from Q1 2014
Pre-impairment operating profit of AED 523 million, up 58% from Q1 2014
Financing and investing receivables at AED 28.4 billion, 9% increase from December 31, 2014
Coverage ratio up to 97%, compared to 90% at December 31, 2014
Total Assets at AED 45 billion, up 6% from December 31, 2014

Emirates Islamic's coverage ratio improved to 97%, compared to 90% at December 31, 2014, highlighting the bank's pragmatic approach not only to capture market share but focusing on further solidifying its financial base.

Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic, said:
"In 2011, we formulated a roadmap for Emirates Islamic to propel us to market leadership status in the Islamic banking sector of the UAE. The results for the first quarter of 2015 are another milestone on this road to success. We have achieved consistently positive results over the last three years, driven on the back of growth in our core business segments, namely personal, corporate and business banking."

"At Emirates Islamic, we recognize that Islamic banking will be a key pillar in the growth of the nation's economy and we aim to play a leadership role in its development across the financial sector, ultimately moving towards making Dubai the global capital of Islamic economy."

"Today, Emirates Islamic is one of the fastest growing banks in the UAE but we will not rest on our laurels. We will continue to innovate by launching new products, channels and services, focusing on enriching the overall customer experience."

The bank's success continues to be recognized across the industry, having recently been named the ‘Best Islamic Bank in the UAE' by World Finance magazine for the second time in three years and also winning ‘Best Savings Account' and ‘Best New SME product' at the prestigious Banker Middle East Product Awards 2015. CEO Jamal Bin Ghalaita was recently ranked amongst the top 20 CEOs in the GCC and was also recognized as the ‘Best CEO for Emiratisation' in the Banking and Financial sector for 2015 by the Emirates Institute for Banking and Financial Studies.

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