Bank posts 32% increase in Q3 profit at Dhs657m
DUBAI: Emirates Islamic Bank has delivered a strong set of financial results for the period ending September 30, 2018.
The bank’s net profit increased by 32 percent y-o-yr each in gdhs 657 million, and total income( net of custom-ers’ share of profit and distribution to Sukuk holders) increased by two per cent y-o-y to Dhs1.8 billion.
Financing and investing receivables at Dhs36.3 billion, increased by seven per cent from end 2017, while Customer Deposits at Dhs42.4 billion, increased by one per cent from end 2017 with Current and Saving account balances up one per cent from end 2017.
Headline Financing to Deposits ratio at 86 per cent and remains comfortably within the management’s target range. Common Equity Tier 1 ratio at 15.6 per cent and Capital Adequacy Ratio at 16.7 per cent. Impaired Financing ratio improved to 8.3 per cent, whilst Coverage ratio strengthened to 119.5 per cent.
Commenting on the results, Salah Mohammed Amin, CEO of Emirates Islamic, said, “At Emirates Islamic, we continue to deliver profitable growth with net profit for the first nine months up by 32 percent over the same period last year. The increase in profitability is on the back of growth in financing receivables and investments securities, coupled with an increase in core fee income and a lower cost of risk.”