Emirates Islamic Bank Profits Surge

DUBAI - Emirates Islamic Bank (EIB) has posted a net profit, excluding depositors’ share, of Dh401 million for 2008, an increase of 68 per cent from Dh 239 million in 2007 according to a statement released by the bank.



By Staff Report

Published: Mon 16 Feb 2009, 12:52 AM

Last updated: Sun 5 Apr 2015, 10:22 PM

The Dubai headquarted bank’s total income grew to Dh1.5 billion from Dh961 million in the previous year, up 56 per cent.

The depositors’ share of profit increased to Dh634 million from Dh404 million in 2007. The bank’s total assets increased by 56 per cent to Dh26 billion from Dh16.9 billion in 2007.

Commenting on the results, Ebrahim Al Shamsi, CEO, Emirates Islamic Bank, said: “Our success in achieving our strategies led us, praise be to Allah, to strengthening our stand as one of the fastest growing and developing Islamic banks.”

The bank’s total assets increased by 56 per cent to Dh26 billion from Dh16.9 billion in 2007. And the customers’ accounts grew by 60 per cent to Dh23.7 billion, an increase of Dh8.8 billion compared to 2007.

Shareholders’ equity reached Dh1.6 billion at the end of 2008, recording an increase of 19 per cent from Dh1.32 billion in 2007. Meanwhile, return on capital has reached 43 per cent for 2008, the bank said.

Al Shamsi said: “The impressive financial results and winning two prestigious awards (The MRM and Ethos Awards) are the best evidence of the ability of the Bank to achieve its targets.” The Emirates Islamic Bank had won the prestigious 2008 Mohammed bin Rashid Al Maktoum Business Award. And was the recipient of the Ethos Consultancy Award as the Best Islamic Bank.

During 2008, the Bank along with other Gulf and Arab financial institutions, as Gulf Finance House, has incepted ‘First Energy Bank’ in Bahrain with a capital of $1 billion as well as ‘Cemena Holding’ for cement industries in Bahrain with a capital of $500 million.

In addition, the Bank launched a number of successful funds such as ‘Jawhara Greens’ with a value of $250m and ‘Danat India’ with a value of $163m.

business@khaleejtimes.com


More news from Business
Luxury vrooms again

Business

Luxury vrooms again

This year the #NoFilterDXB witnessed a dazzling array of replica vehicles from some of Hollywood’s most classic movies and TV shows.

Business3 days ago