Emirates Islamic is latest UAE bank to hit a record on 9-month 2023 profit, at Dh1.65b

Emirates Islamic Bank’s third quarter 2023 returns were particularly impressive.

Record highs are what UAE’s leading banks are reporting with their nine-month results for 2023, with Dubai-headquartered EIB seeing a 56 per cent growth in profit to Dh1.65 billion. It was put together by higher ‘funded and non-funded income’ and which in turn reflected ‘improved business sentiment’.

In the July to September period alone, the Emirates Islamic Bank income grew 46 per cent from a year ago period to Dh1.2 billion. On the expenses side, they were up 35 per cent at the end of the nine months, given the focus to invest for future growth.

“We have seen growth across all our operating segments, including consumer, business and corporate banking segments,” said Farid Al Mulla, CEO. “The bank’s Sukuk book size reached a record Dh10 billion, marking both the highest absolute value and the highest percentage of total assets to date.”

We have seen growth across all our operating segments, including Consumer, Business and Corporate banking segments.

– Farid Al Mulla

Total assets shot up 15 per cent to Dh86 billion as customer financing grew 7 per cent to Dh52 billion. These are the headline numbers for EIB at the end of September:

1. Total assets increased to Dh86 billion and ‘maintaining a solid asset base’.
2. Customer financing topped Dh52 billion, which is 7% up from 2022.
3. Customer deposits came to Dh61 billion, an increased of 7% from 2022. CASA balances were at 75% of deposits.