Emirates Islamic reports profit before tax of $844mln in 2024
DUBAI - Emirates Islamic has reported a record profit before tax of AED3.1 billion in 2024, a remarkable 46 percent increase over the previous year. Net profit also reached a record high of AED2.8 billion, representing a 32 percent growth.
This exceptional growth is driven by a positive trend in both funded and non-funded income, demonstrating a very strong business performance. Total income increased 13 percent to AED5.4 billion as assets grew 27 percent to AED111 billion.
Customer financing surged by an impressive 31 percent to AED71 billion and customer deposits increased by a very healthy 25 percent to AED77 billion in 2024.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said, "Emirates Islamic delivered its best-ever financial performance during 2024, cementing our position as the fastest-growing Islamic bank in the UAE.
"The bank's remarkable trajectory is reflected in a very strong balance sheet, with assets growing at a faster rate compared to any of the UAE Islamic Banks since 2020."
Farid AlMulla, Chief Executive Officer of Emirates Islamic, said, "Emirates Islamic exceeded all expectations in 2024 as we delivered our highest-ever profit. This success was driven by strong growth in both funded and non-funded income, resulting in a healthy net profit margin and a low cost of risk."
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