Press releases, Reports & Disclosures for Emirates Islamic Bank PJSC

Emirates Islamic reported a record profit of AED 1.7 billion for the first half of 2024, marking a 37% increase from the previous year. The bank's total assets surpassed AED 100 billion, reflecting a 16% growth. Total income rose by 15% to AED 2.7 billion, while operating profits increased by 40%. Expenses decreased by 20%, and impairment allowances dropped by 46%. The bank's net profit margin stood at 4.56%, and the cost-to-income ratio was 28.8%. Emirates Islamic's capital and liquidity remained strong, with a Common Equity Tier 1 ratio of 18.4% and a capital adequacy ratio of 19.6%. The bank received several awards, including 'Best Overall Islamic Bank' and 'Most Innovative Islamic Bank' at the Islamic Finance News Awards 2024.

Emirates Islamic Bank (Public Joint Stock Company) has released its unaudited group condensed consolidated interim financial statements for the six-month period ending on 30 June 2024. The bank's head office is located on the 3rd floor of Building 16 in Dubai Health Care City, Dubai, United Arab Emirates. Contact information includes a telephone number (+971 600599995), fax number (+971 4 3582659), and the website www.emiratesislamic.ae. The bank's P.O. Box number is 6564.

Emirates Islamic reported a record profit of AED 811 million ($220.7 million) for Q1 2024, a 35% increase year-on-year. The bank's total income grew by 19%, driven by higher funded and non-funded income streams. Operating expenses increased by 1% as the bank invested in future growth. Impairment allowances decreased by 56% and operating profit grew by 28%. The bank's total assets increased by 8% to AED 95.0 billion, customer financing increased by 6% to AED 57.0 billion, and customer deposits increased by 9% to AED 66.7 billion. The bank's non-performing financing ratio improved to 5.8% and its capital adequacy ratio reflected a strong capital position at 19.9%.

The Corporate Governance Manual stipulates that any shareholder with the right to attend the General Assembly may delegate a non-board member, non-company staff member, or non-securities brokerage company employee to attend on their behalf. The delegated person must have a written delegation stating that they have the right to attend the General Assembly and vote on its decisions. However, a delegated person for a number of shareholders should not hold more than 5% of the company's issued capital. The shareholder's signature on the power of attorney should be approved by a Notary Public, a commercial chamber of an economic department in the state, a bank or company licensed in the state, or any other entity licensed to perform attestation works. The proxy form should include the name and contact number(s) of the shareholder and the brokerage firm or the authority who approved the proxy.

Emirates Islamic reported a 71% increase in net profit in 2023, reaching a record AED 2.12 billion. This growth was attributed to the rise in both funded and non-funded income, indicative of improved business sentiment. The bank's total income reached AED 1.2 billion in the fourth quarter of 2023, a 24% YoY growth. The total income increased by 50% to AED 4.77 billion. The bank's operating profit grew by 82% due to a broader range of innovative services. Key highlights from the financial year 2023 include a 50% YoY increase in total income, a 15% increase in operating expenses, a 117% increase in impairment allowances, and an 82% improvement in operating profit. The bank's total assets increased by 18% to AED 88 billion, customer financing increased by 11% to AED 53.7 billion, and customer deposits increased by 9% to AED 61.3 billion. The non-performing financing ratio improved to 6.3%.