Emirates Islamic posts Dh823m profit for 2021

Emirates Islamic’s net profit jumped 271 per cent to Dh823 million for 2021 on higher non-funded income and a significant reduction in the cost of risk.

Total income surged 15 per cent to Dh2.39 billion while assets remained robust at Dh65 billion. Customer deposits stood at Dh47.3 billion, an increase of one per cent and customer financing reached Dh42.6 billion, increased by four per cent.

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Salah Mohammed Amin, CEO of Emirates Islamic, said the bank improved its capital, liquidity and credit profile, enabling further customer financing growth.

“With an increase in business activity in 2021, we accelerated our sales momentum across our retail, business and wholesale segments. As Covid-19 continued to alter the way we live, work and bank, we further enhanced our digital solutions which helped increase customer adoption of digital banking,” added Amin.

- waheedabbas@khaleejtimes.com

• Dubai