EMIRATES ISLAMIC’S 9-MONTH PROFIT UP

Emirates Islamic, the Islamic bank belonging to Emirates NBD Group, reported a net profit of Dh804 million for the first nine months of 2021, up 358 per cent compared to the same period last year.

For the third quarter of the year, the bank reported a net profit of 236 million, up 173 per cent year on year.

The bank attributed the strong performance to higher nonfunded income and a significant reduction in the cost of risk reflecting improved business sentiment.

“Emirates Islamic’s net profits rebounded in the first nine months of 2021 at Dh804 million, driven by higher non-funded income coupled with lower impairment allowances. 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, CEO.