Emirates Islamic Bank’s net profit leaps 37% YoY in H1-24

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Emirates Islamic Bank posted a 37% year-on-year (YoY) surge in net profit to AED 1.66 billion in the first half (H1) of 2024.

The bank’s total income soared by 15% YoY to AED 2.69 billion in H1-24, according to a press release.

Total assets grew by 16% YoY to AED 100 billion between 1 January and 30 June, whiel customer deposits increased by 14% YoY to AED 70 billion during the same period.

Farid Al Mulla, CEO of Emirates Islamic, said: “Strong capital and liquidity, combined with a healthy deposit mix, enabled the Bank to continue supporting customers as customer financing increased by 15% to AED 62 billion, testimony to Emirates Islamic’s successful, customer-centric strategy.”

“This year Emirates Islamic proudly celebrates 20 years of serving the U.A.E. The Bank's strategic investment in technology and innovation contributed to Emirates Islamic being recognised as one of the UAE's leading Islamic banks, playing a prominent role in the country's progress,” Al Mulla added.

In the first quarter (Q1) of 2024, the net profits of Emirates Islamic Bank jumped by 35% YoY to AED 811.44 million from AED 600.86 million.