Emirates Islamic profit before tax rises 46% to record Dh3.1 billion in 2024
Emirates Islamic on Wednesday reported a record profit before tax of Dh3.1 billion, a 46 per cent increase over the previous year.
Net profit increased to a record Dh2.8 billion, up by 32 per cent. Total income increased 13 per cent to Dh5.4 billion as assets grew 27 per cent to Dh111 billion. Customer financing surged by an impressive 31 per cent to Dh71 billion and customer deposits increased by a very healthy 25 per cent to Dh77 billion in 2024.
Total income rose 13 per cent year on year to Dh5.4 billion driven by higher funded and non-funded income. Expenses decreased seven per cent year on year. Impairment allowances decreased 28 per cent year on year due to improvement in credit quality.
Customer financing increased by 31 per cent to Dh71 billion in 2024. Customer deposits increased by 25 per cent to Dh77 billion in 2024 with Current Account and Savings Account balances at 70 per cent of total deposits. Non-performing financing ratio improved to 4.4 per cent with strong coverage ratio at 142 per cent.
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: 'Looking ahead to 2025, Emirates Islamic will remain focused on advancing our strategic objectives to drive growth and deliver value for all stakeholders. We remain committed to enhancing customer experience, operational efficiency, risk management and sustainability.'
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