Net profit of Emirates Islamic increases by 15 percent

2020-03-12 04:45:07

(MENAFN) In 2019, Emirates Islamic net income grew by 15 percent to stand at AED1.061 billion, according to Emirates Islamic.

Total profit rose by 8 percent to AED2.7 billion, and financing and investing receivables were at AED37.5 billion, climbed by 4 percent from end 2018, as showed in a review of the year ended 31st December 2019 that was shown at the General Assembly Meeting of the bank.

Customer deposits reached AED45.3 billion, which is a rise of 9 percent from end of 2018; recent and saving accounts balances show 63 percent of total customer deposits, as Emirates Islamic reported.

"As the Islamic banking partner of choice for UAE nationals and residents, Emirates Islamic continued to play an instrumental role in driving growth in the Islamic finance sector. We delivered strong results for the year, with net profit of AED1.061 billion, the highest ever in the bank's history," as said by Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD.

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