Press releases, Reports & Disclosures for Emirates Islamic Bank PJSC

The Corporate Governance Manual stipulates that any shareholder with the right to attend the General Assembly may delegate a non-board member, non-company staff member, or non-securities brokerage company employee to attend on their behalf. The delegated person must have a written delegation stating that they have the right to attend the General Assembly and vote on its decisions. However, a delegated person for a number of shareholders should not hold more than 5% of the company's issued capital. The shareholder's signature on the power of attorney should be approved by a Notary Public, a commercial chamber of an economic department in the state, a bank or company licensed in the state, or any other entity licensed to perform attestation works. The proxy form should include the name and contact number(s) of the shareholder and the brokerage firm or the authority who approved the proxy.

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%.