Dubai’s Emirates Islamic’s net profit grows to Dhs823m in 2021

Emirates Islamic recently announced its net profit in 2021 increased to Dhs823m, a growth of 271 per cent year on year (YoY). The bank’s total income was up 15 per cent YoY to Dhs2,398m driven by higher non-funded income.

Its total assets remained robust at Dhs65bn. The net profit margin was 2.62 per cent, following stable profit rates last year. The operating profit improved by 20 per cent YoY.

The bank’s customer deposits grew by 1 per cent YoY to Dhs47.3bn, with current and saving account balances up by 9.4 per cent, improving the efficiency of the diversified funding base.

Hesham Abdulla Al Qassim, chairman of Emirates Islamic, and vice chairman and MD of Emirates NBD, said: “Emirates Islamic maintained healthy liquidity and strong capital ratios, enabling the bank to grow customer financing by 4 per cent in line with improved economic activity.

“During 2021, one of Emirates Islamic’s major achievements was the successful issuance of a US$500 million five-year sukuk. This issue was well received by the global investment community, demonstrating strong investor confidence in our financials and growth outlook, as well as the favourable outlook for the UAE economy.”

Read: Emirates Islamic lists another $500m sukuk on Nasdaq Dubai

Salah Mohammed Amin, CEO Emirates Islamic, added: “The bank improved its capital, liquidity and credit profile, enabling further customer financing growth. With an increase in business activity in 2021, we accelerated our sales momentum across our retail, business and wholesale segments.