Dubai – Mubasher: Emirates Islamic Bank (EIB) on Wednesday posted a 32% year-on-year increase in its net profits for the full-year 2018, recording AED 924 million.
Total income of the UAE’s leading Islamic financial institutions levelled up 3% year-on-year to AED 2.5 billion, according to the bank’s statement to the Dubai Financial Market (DFM).
“Our strong performance this year has been capped with the highest ever recorded net profit of AED 924 million, since our inception in 2004,” Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, commented.
Over the crouse of the previous year, the bank’s total assets decreased by 6% to AED 58.4 billion, compared to 2017.
Meanwhile, customer deposits remained stable at AED 41.6 billion last year, the statement showed.
“In a short span of time, the Bank has cemented its position as a leading Islamic bank in the UAE, with a reputation based on innovation combined with the fundamental Islamic values of transparency, honesty and integrity,” Al Qassim added.
It is worth noting that the bank posted a net profit of AED 656.9 million, up 32% year-on-year from AED 498.5 million during the first nine months of 2018.
