Emirates Islamic Bank achieves Dh43m profit

DUBAI — Emirates Islamic Bank achieved strong results in the second quarter of 2006.

By A Staff Reporter

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Published: Sun 30 Jul 2006, 10:59 AM

Last updated: Sat 4 Apr 2015, 1:12 PM

The Bank has earned a net profit of Dh43 million, after depositors’ shares, registering an increase of 121 per cent over the net profit earned in the first quarter of the current year, and an increase of 177 per cent over the net profit in the corresponding period last year.

EIB’s total assets grew 180 per cent, reaching Dh7.4 billion. In line with this progress, the financing and investment portfolio showed a similar growth reaching Dh6.7 billion compared to Dh2.4 billion at the end of the second quarter of last year, registering an increase of 186 per cent.

The bank’s deposits increased by 271 per cent reaching Dh6.2 billion at the end of June 2006 compared to Dh1.7 billion at the end of March 2005. Ebrahim Fayez Al Shamsi, CEO of Emirates Islamic Bank commented on the results saying, “This proves the success of the bank’s strategy to shift into Islamic banking as of the last quarter of the year 2004, after which the bank has maintained a sustainable growth on all levels.”

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