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Emirates Islamic Bank achieved its highest ever half-year profit, with a significant increase in profit of 37% to AED1.7 billion in the first half of 2024. This outstanding performance was driven by high levels of both funded and non-funded income, confirming that the bank continues on its path of sustained growth. Total income increased significantly by 15% to AED2.7 billion, with operating profit up 40%.
The bank’s balance sheet exceeded AED100 billion, thanks to its strong capital base and liquidity. Operating profit increased by 40% compared to the same period last year.
Total assets surpass AED100 billion to reach AED102 billion, up 16% in 2024, with customer financing activities increasing 15% to AED62 billion from the end of 2023.
Customer deposits grew 14% to AED70 billion from the end of 2023, with current and savings account balances accounting for 73% of total deposits.
Farid Al Mulla, CEO of Emirates Islamic Bank, said: “Emirates Islamic Bank achieved record profits of AED1.7 billion in the first half of 2024, supported by higher funded and unfunded income, and total assets surpassed the AED100 billion mark. Emirates Islamic Bank grew 16% to AED102 billion in the first half of 2024. The bank was able to continue to support its customers, benefiting from its strong capital and liquidity, and a good deposit mix, with the proportion of financing provided to customers increasing by 15% to AED62 billion, highlighting the success of (Emirates Islamic Bank’s) customer-centric strategy.”
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