Emirates Islamic Reports AED 2.8 Billion Profit, Up 32%

Emirates Islamic Reports Record AED 3.1 Billion Pre-Tax Profit in 2024, Achieving 46% Growth

Emirates Islamic achieved a significant milestone in 2024 when it reported a record pre-tax profit of AED 3.1 billion, a remarkable 46% increase over the year before. This outstanding growth is a result of the bank’s excellent performance, which was supported by a notable increase in both funded and non-funded income.

The bank’s strong financial position was highlighted by its net profit of AED 2.8 billion, a 32% increase from the previous year. While total assets increased by 27% to AED 111 billion, overall income increased by 13% to AED 5.4 billion. In 2024, customer deposits increased by 25% to AED 77 billion, while customer financing increased by 31% to AED 71 billion. These outstanding outcomes not only show the bank’s tenacity but also the robustness of the regional economy in the United Arab Emirates and the growing need for Islamic banking services.

Hesham Abdulla Al Qassim, the chairman of Emirates Islamic, declared that the bank had recorded its best financial performance to date, confirming its position as the United Arab Emirates’ fastest-growing Islamic bank. He pointed out that the increase in pre-tax profits and total income was a result of both expanding funded and non-funded income sources.

Al Qassim underlined that the bank’s strategy is focused on enhancing its products to meet evolving customer needs, with a focus on digital transformation. The bank made a significant advancement in sustainability and strengthened its commitment to Islamic finance that adheres to sustainability principles by launching its first sustainable Sukuk, worth $750 million.

Strong net profit margins and a decrease in the cost of risk were the results of exceptional results that exceeded expectations, particularly in terms of growth in both income categories, according to CEO Farid Al Mulla. In order to maintain customer confidence and position the bank to capitalize on new opportunities in the rising economy, he praised the bank’s strong capital and liquidity levels.

Emirates Islamic plans to continue pursuing its strategic objectives, which include growing its clientele, enhancing stakeholder value, improving operational efficiency, and further incorporating sustainability into its business practices.