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MEDIA IN, Dubai, April 18, 2018 (WAM)
Emirates Islamic Bank achieved a net profit of AED 209 million in the first quarter of this year, up 2% compared to the fourth quarter of last year.
The bank said gross income of AED 590 million was 1% lower than the previous quarter and 2% lower than the first quarter of the previous year due to lower investment profits.
Total assets stood at 57.8 billion dirhams, down 7% from the end of 2017 due to the bank’s reduction of cash deposits with banks while the financing and investment activities of AED 33.7 billion remained unchanged since the end of 2017.
According to the bank’s results for the quarter ended 31 March 2018, the value of customers’ deposits increased by 4% from the end of 2017 to AED 43.4 billion. Current account and savings account balances increased by 3% compared to their value at the end of 2017.
Provisions for impairment decreased to 102 million dirhams, 14 percent more than in the fourth quarter of last year and 24 percent higher than the first quarter of the previous year.
The low-value financing ratio also improved to 8.4% from 10.3% at the end of 2017. The low financing coverage ratio improved to 123.6% from 92.2% at the end of 2017.
Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic Bank, said: “We are pleased with the strong financial results achieved by Emirates Islamic Bank during the first quarter of 2018 following the outstanding performance of 2017
