Emirates Islamic Records 62% Increase in Net Profit for First Quarter of 2022

Dubai-based Emirates Islamic announced on the 21st of April 2022 its results for the first quarter of 2022 (1Q 2022), recording a net profit increase of 62% year-on-year (YoY) to AED 342 million (USD 93 million), owing to income growth of 14% and a 72% improvement in provisions.

Why it Matters?

The positive performance recorded by the bank comes on the back of strong operating performance on higher income coupled with a reduction in provisions along with strong capital and liquidity and a healthy deposit mix which allowed the Bank to support customers. In line with the greater interest in retail products witnessed in the United Arab Emirates (UAE) on the basis of economic growth that has resulted in an increase in customer trust, the bank saw a 9% rise...