Emirates Islamic Bank posts AED498 million in net profit in nine months
Emirates Islamic Bank
Abu Dhabi - WAM
Emirates Islamic Bank has affirmed its nine-months profits jumped 4-fold to AED498 million against AED106 million for the same period last year.
The Shariah - compliant bank's total assets reached AED59.9 billion. Financing and investing receivables totalled AED35.3 billion, declining by 3 percent from end-2016 while customer deposits were AED40.8 billion, down by 1 percent from end-2016.
Total income for the first nine months declined 6 percent to AED1.8 billion mainly due to lower one-off gains from the sale of investment properties.
Jamal bin Ghalaita, CEO, Emirates Islamic, said: "We continue to stringently manage our expenses, with operating cost down by 13 percent compared to the same period last year. Net impairment allowances have improved by 41 percent year-on-year due to effective remediation and an improved cost of risk associated with both corporate and retail financing receivables."
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