Middle East

Dubai’s Emirates Islamic net profit will grow to Dhs 823m in 2021

Emirates Islam recently announced that its 2021 net income has increased by 271% year-on-year to 823 million Dhs. Banks’ total revenues increased 15% year-on-year to 2,398 million dirhams due to increased non-funded revenues.

Its total assets remained strong at 65 billion dirhams. The net profit margin was 2.62%, following the stable profit margin last year. Operating profit improved 20% year-on-year.

Bank customer deposits increased 1% year-on-year to 47.3 billion dirhams, and current and savings balances increased 9.4%, improving the efficiency of diverse funding bases.

Hesham Abdulla Al Qassim, Chairman of Emirates Islam, Vice President and MD of Emirates NBD, said: “”Emirates Islam maintained sound liquidity and a strong capital adequacy ratio, allowing banks to increase client funding by 4% in line with improved economic activity.

“During 2021, one of the major achievements of Emirates Islam was the successful issuance of sukuk for five years and five years. This issue has been well received by the global investment community and has a good outlook for the UAE economy. Not only does it show investors strong confidence in our financial and growth prospects. “

read: Emirates Islam has posted an additional $ 500 million in sukuk on Nasdaq Dubai

Salah Mohammed Amin, CEO of Emirates Islamic, said: With the increase in business activities in 2021, we accelerated sales momentum in the retail, business and wholesale segments.

https://gulfbusiness.com/dubais-emirates-islamics-net-profit-grows-to-dhs823m-in-2021/ Dubai’s Emirates Islamic net profit will grow to Dhs 823m in 2021

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