EIB posts Dh137m net profit in first half of 2016

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Dubai—Emirates Islamic Bank, a leading Islamic financial institution in the UAE, has reported a net profit of Dh137 million for the first half of 2016, according to a statement from the bank. For the second quarter of 2016, the bank reported a net profit of Dh92 million up 104 percent as compared with Dh45 million in the first quarter of 2016. Total Income (net of customers’ share of profit) grew by 11 per cent to Dh1.23 billion compared to the total income (excluding one offs) for the same period last year.
Total assets at Dh 57.2 billion was up 8 percent from end of 2015. Financing and investing receivables at Dh 39.1 billion, were up 14.5 percent from end of 2015. Customer deposits at Dh 41.8 billion were up 6.2 per cent from end of 2015 with current and savings accounts balances, up 10.2 per cent from end of 2015. Headline financing to deposits ratio at 93.7 percent remains comfortably within the management’s target range.
Credit quality improved as the Impaired Financing ratio strengthened from 8.8 per cent to 8.5 percent and coverage ratio advanced from 89.5 percent to 90.7 per cent. Chairperson of Emirates Islamic Bank, Vice Chairman and Managing Director of Emirates NBD Hesham Abdulla Al Qassim, said: “We are extremely pleased with our strong growth and performance that underlines the growing relevance of Islamic banking in current times.—Agencies

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