Press releases, Reports & Disclosures for Emirates Islamic Bank PJSC

Emirates Islamic reported a 71% increase in net profit in 2023, reaching a record AED 2.12 billion. This growth was attributed to the rise in both funded and non-funded income, indicative of improved business sentiment. The bank's total income reached AED 1.2 billion in the fourth quarter of 2023, a 24% YoY growth. The total income increased by 50% to AED 4.77 billion. The bank's operating profit grew by 82% due to a broader range of innovative services. Key highlights from the financial year 2023 include a 50% YoY increase in total income, a 15% increase in operating expenses, a 117% increase in impairment allowances, and an 82% improvement in operating profit. The bank's total assets increased by 18% to AED 88 billion, customer financing increased by 11% to AED 53.7 billion, and customer deposits increased by 9% to AED 61.3 billion. The non-performing financing ratio improved to 6.3%.

Emirates Islamic bank reported a 56% surge in profit to AED 1.65 billion for the first nine months of 2023, marking its highest ever 9-month profit. The increase was driven by higher funded and non-funded income due to improved business sentiment. Q3 income grew 46% year-on-year to AED 1.2 billion, resulting in a 23% increase in profit to AED 435 million. The bank was named the 'Most Innovative Islamic Bank in the UAE' and 'Best Islamic SME Bank in the UAE' at the International Finance Awards 2023. The bank's total assets increased to AED 86 billion, customer financing rose 7% to AED 52 billion, and customer deposits also grew 7% to AED 61 billion.

The text provides the contact information for the Emirates Islamic Bank, including its address in Dubai, telephone and fax numbers, and website. It also mentions the bank's Group Condensed Consolidated Interim Financial Statements, which are unaudited and cover the nine-month period ending on 30 September 2023.