Bank posts 32% in­crease in Q3 profit at Dh­s657m

The Gulf Today - Business - - UAE -

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.”

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