Emirates Islamic has announced a record profit before tax of AED3.1 billion ($844 million) in 2024, marking a 46 percent increase compared to the previous year. Additionally, net profit reached a landmark high of AED2.8 billion ($762.3 million), demonstrating a robust 32 percent growth.
Strong income trends
This growth is fueled by a positive trend in both funded and non-funded income, showcasing a very strong business performance. Total income rose by 13 percent to AED5.4 billion as assets expanded by 27 percent to AED111 billion.
Strong customer financing and deposit growth
Customer financing experienced a significant surge of 31 percent, reaching AED 71 billion, while customer deposits increased healthily by 25 percent to AED77 billion in 2024.
Hesham Abdulla Al Qassim, chairman of Emirates Islamic, stated, “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.”
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Farid AlMulla, chief executive officer of Emirates Islamic, commented, “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.”
For the first quarter of 2024, Emirates Islamic reported a record profit of AED811 million, reflecting a significant 35 percent increase compared to the same period last year. This financial performance was attributed to a robust 19 percent growth in total income, driven by both funded and non-funded income streams.
The bank’s strategic initiatives and focus on enhancing its product offerings have contributed to this remarkable success.
