Dubai-listed Emirates Islamic Bank reported a net profit of 611.2 million dirhams ($166.41 million) in the second quarter of 2023, rising 70% from AED 359.2 million a year ago.

Total operating income rose to AED 1.21 billion during the first six months from AED 718 million in the same period last year.

The bank posted its highest-ever half-year net profit, rising 73% year-on-year to AED 1.2 billion in the first half of 2023, driven by higher funded and non-funded income reflecting improved business sentiment.

“We have witnessed strong growth across the retail, SME and corporate segments as the nation’s economy continues to be buoyant, said CEO Salah Mohammed Amin.

Customer financing at AED 51 billion increased by 5% from the end of 2022.  

Customer deposits stood at AED 58 billion, up 3% from the end of 2022, with Current and Saving Account balances at 77% of deposits.

Total assets rose to AED 79 billion, rising 6% from 2022-end.     

(Editing by Brinda Darasha; brinda.darasha@lseg.com)