Emirates Islamic announced a record profit before tax of AED 3.1B marking a 46% increase compared to the previous year.
Net profit reached a record AED 2.8B, reflecting a 32% rise. Total income grew by 13% to AED 5.4B, while assets surged by 27% to AED 111B. Customer financing rose by an impressive 31% to AED 71B, and customer deposits grew by a healthy 25% to AED 77B in 2024.
Total income saw a 13% year-on-year increase, reaching AED 5.4B, driven by higher funded and non-funded income. Expenses fell by 7% year on year. Impairment allowances dropped by 28% due to improved credit quality.
Customer financing rose 31% to AED 71B in 2024. Customer deposits grew by 25% to AED 77B, with Current Account and Savings Account balances making up 70% of total deposits. The non-performing financing ratio improved to 4.4%, with a strong coverage ratio of 142%.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, commented: “Emirates Islamic achieved its best-ever financial performance in 2024, reinforcing our position as the fastest-growing Islamic bank in the UAE. The bank’s impressive growth is evident in a robust balance sheet, with assets expanding faster than any other UAE Islamic bank since 2020.”
Farid AlMulla, CEO of Emirates Islamic, stated: “Looking ahead to 2025, Emirates Islamic will continue to focus on advancing our strategic goals to foster growth and provide value for all stakeholders. We remain dedicated to improving customer experience, operational efficiency, risk management, and sustainability.”