The lender, however, reported a 5.3 per cent drop in Q2 2019 net income as charges for impairment of financial assets climbed.
Sunday 21, July 2019 BY KUDAKWASHE MUZORIWA
Emirates Islamic Bank, the Shari’ah compliant arm of Emirates NBD Group, has reported a net profit of AED 673 million in H1 2019, a 39 per cent increase compared to the same period a year earlier helped by a tighter control on cost, balance sheet growth as well as higher funded income and a rise in the bank’s foreign exchange income.
Salah Mohammed Amin, the Chief Executive of Emirates Islamic, said, “Foreign exchange income showed an upward trend, with a growing number of customers availing foreign exchange services from the bank.”
The lender said that total assets reached AED 61.1 billion at the end of June, a five per cent rise from the end of 2018. Financing and investing receivables also rose one per cent from the end of the last year to reach AED 36.6 billion.
The bank’s balance sheet remains healthy with a further strengthening in capital due to retained earnings, stable credit quality and liquidity, says Amin.