Emirates Islamic bank has delivered a strong set of financial results for the period ending 30th September, 2018.
DUBAI, (Pakistan Point News - 30th Oct, 2018) Emirates Islamic bank has delivered a strong set of financial results for the period ending 30th September, 2018.
The bank's net profit increased by 32 percent y-o-y reaching AED657 million, and total income (net of customers’ share of profit and distribution to Sukuk holders) increased by two percent y-o-y to AED1.8 billion.
Financing and investing receivables at AED36.3 billion, increased by seven percent from end 2017, while Customer Deposits at AED42.4 billion, increased by one percent from end 2017 with Current and Saving account balances up one percent from end 2017.
Headline Financing to Deposits ratio at 86 percent and remains comfortably within the management’s target range. Common Equity Tier 1 ratio at 15.6 percent and Capital Adequacy Ratio at 16.7 percent. Impaired Financing ratio improved to 8.3 percent, whilst Coverage ratio strengthened to 119.5 percent .
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.
The Bank’s balance sheet is strongly positioned with robust liquidity, solid capital ratios and a further improvement in credit quality, as we continue to expand our presence in the Islamic banking sector."
