Emirates Islamic Bank announces 253% growth in first quarter profits

Emirates Islamic Bank, one of the leading financial institutions in the region announced the first quarter results which were even more impressive when compared to an already impeccable record of results and customer experience.

The Bank recorded a net profit of Dhs148.6m, recording a phenomenal increase of 253 % on the results for the same period last year. The total income in the first quarter of 2008 grew to Dhs359.2m from Dhs189.5m in the same period last year witnessing an increase of 90%.

The bank's balance sheet including total Assets, Customer deposits and Shareholder equity also recorded significant increases. Compared to the 1st quarter of 2007, total Assets reached Dhs21.15bn reflecting a 68 % growth, Customer deposits grew to Dhs18.15bn registering 68 % growth with total shareholder equity reaching Dhs1.48bn, recording an increase of 31 %. Earnings per share stood at Dhs0.2 reflecting a growth of 257%.

Commenting on the results, Mr. Ebrahim Fayez Al Shamsi, CEO, Emirates Islamic Bank, said 'The results are a direct reflection of the success of the bank's strategy and ability to execute its plans impeccably. This has resulted in an ongoing delivery of innovative products and services by the Bank leading to a much superior customer experience in comparison to its peers.

A strong first quarter has given us a sounding building block for the rest of the year, and we aim to build on this success in the future as well to best serve all our key stakeholders including customers, staff and our shareholder.

The Bank has also continued its tradition of delivering firsts with the latest offering being the much talked about launch of the first ever Islamic Co-branded Airline Credit Card in the region called the Skywards Emirates Islamic Bank Credit Card. Our core value of putting the customer at the forefront of all that we do, continues to hold us in good stead and the results speak for themselves. I would like to thank our Customers, our staff, our Shariah board and our Shareholders for their unflinching support,' he concluded.