Press releases, Reports & Disclosures for Emirates Islamic Bank PJSC

The Emirates Islamic Bank P.J.S.C. Annual Report 2024 highlights 20 years of collective progress.

Emirates Islamic reported a significant achievement in 2024 with a record profit before tax of AED 3.1 billion, marking a 46% increase from the previous year. This growth was attributed to strong performance in both funded and non-funded income. The bank's total income rose by 13% to AED 5.4 billion, with assets increasing by 27% to AED 111 billion. Customer financing grew by 31% to AED 71 billion, and customer deposits rose by 25% to AED 77 billion. The results reflect the strength of the regional economy and the bank's ability to meet the rising demand for Islamic banking. Key highlights include a 7% decrease in expenses, a 28% reduction in impairment allowances, and a 24% improvement in operating profit. The bank maintained a robust capital position with a Tier 1 ratio of 18% and a capital adequacy ratio of 19.1%. The non-performing financing ratio improved to 4.4% with a strong coverage ratio of 142%.

Emirates Islamic Bank PJSC has announced an extension for nominations to its Board of Directors until December 10, 2024. Shareholders who meet the nomination criteria can apply by emailing BODElection@EmiratesNBD.com, including their profile, required documents, and the type of membership they seek (Non-Executive or Independent Director). Seven board members will be elected, and nominations are open for ten days from the announcement date, per Article 9 of the governance guidelines. Applications submitted after the deadline will not be accepted. Candidates must comply with various regulations and standards, and once submitted, nominations cannot be transferred to another person. All nominations are subject to evaluation and approval by the Central Bank of the UAE. The Bank will publish nominees' details on its website two days before the Annual General Assembly Meeting. Required documents must be submitted within the nomination period, or the application will be void.