Emirates Islamic profit before tax rises 46% to record $844m
Emirates Islamic accomplished a milestone in 2024 by reporting a record profit before tax of AED3.1 billion ($844 million), a remarkable 46% increase over the previous year. Net profit increased to a record AED2.8 billion, up 32%.
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% to AED5.4 billion as assets grew 27% to AED111 billion. Customer financing surged by an impressive 31% to AED71 billion and customer deposits increased by a very healthy 25% to AED77 billion in 2024.
These outstanding results highlight the strength of the regional economy and showcase the Bank's agility and expertise in identifying and responding to increased demand for Islamic banking, the bank said.
Other key Highlights – FY 2024
• Expenses decreased 7% y-o-y
• Impairment Allowances decreased 28% y-o-y due to improvement in credit quality
• Operating profit improved 24% y-o-y
• Credit Quality: Non-performing financing ratio improved to 4.4% with strong coverage ratio at 142%
• Headline Financing to Deposit ratio at 92%, underlines healthy liquidity in the UAE
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.
'As we celebrate 20 years since the founding of Emirates Islamic and look back over the past two decades, I am delighted by the significant role that Emirates Islamic played in transforming the Islamic banking landscape. At the core of our success is our proposition of a bank for everyone –supporting all economic sectors and empowering individuals and businesses to establish strong foundations in the UAE,' he said.
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.
'Supported by strong capital and liquidity, we remain well-equipped to drive customer growth and capitalise on opportunities from our buoyant economy, as we look to maintain our positive momentum in 2025.' –
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