Emirates Islamic Announces Q3 2017 Results

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1. Press Release Emirates Islamic Announces Q3 2017 Results Dubai , 30 October, 2017: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced its financial results for the period ending September 30, 2017. Results Highlights:  Net profit for the 9 months ending September 30, 2017 increased four-fold reaching AED 498 million compared to AED 106 million for the same period last year.  Total Income for the first 9 months (net of customers’ share of profit and distribution to Sukuk holders) declined by 6 per cent to AED 1.8 billion compared to the same period last year. This is mainly due to lower one off gains from the sale of investment properties.  Total Assets at AED 59.9 billion, up by 1 per cent from end 2016.  Financing and investing receivables at AED 35.3 billion, declined by 3 per cent from end 2016.  Customer Deposits at AED 40.8 billion, declined by 1 per cent from end 2016. Current and Saving accounts balances up 4 per cent from end 2016 and represent 70 per cent of total deposits.  Headline Financing to Deposits ratio at 87 per cent and remains comfortably within the management’s target range.  Tier 1 Capital Ratio strengthened to 15.9 per cent and Capital Adequacy Ratio advanced to 17.1 per cent with retained earnings. Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic commented on the results, “After a challenging 2016, our results have shown a strong improvement with a net profit of AED 498 million, compared to AED 106 million in the same period last year. The results reflect our policies of effective cost management combined with prudent risk
2. management . We continue to stringently manage our expenses, with operating cost down by 13 per cent compared to the same period last year. Net Impairment allowances have improved by 41 per cent year on year due to effective remediation and an improved cost of risk associated with both corporate and retail financing receivables. Current and Savings account balances represent 70 per cent of total customer deposits compared with 67 per cent at the beginning of the year, reflecting the Bank’s focus on improving its average cost of funding.” “We are well positioned to benefit from current market opportunities as a result of our investment in technology and innovation. Digital transformation has been a key driver of improving the customer experience at Emirates Islamic. Recent digital initiatives include the launch of our revamped Mobile Banking app and QuickRemit foreign exchange transfers. Looking ahead, we will continue to provide our customers with market-leading products and services, leveraging on the benefits of the fast-growing Fintech industry.” “At Emirates Islamic, we are always cognizant of our commitment to support the community. In this Year of Giving, as marked by U.A.E. President His Highness Sheikh Khalifa bin Zayed Al Nahyan, we have distributed more than AED 46 million to a number of charitable institutions and deserving causes. Our staff have proved generous in the spirit of volunteering as they gave their time to support individuals in need. We will continue to play our part in this noble cause, and in the process inspire other companies and individuals to lend their support in making UAE the happiest place in the world”, concluded Bin Ghalaita. Emirates Islamic was recently named ‘Islamic Personal Finance Provider of the Year’ by YallaCompare, the region’s leading financial services comparison website. Other accolades received by Emirates Islamic this year include ‘Most Improved Website’ and ‘Best Social Media Reach’ at the 2017 Service Olympian Awards; ‘Best Savings Account’ and ‘Best Islamic Premium Card’ at the Banker Middle East Product Awards; and the title of ‘Service Hero” in the Islamic Banking category of the Service Hero Index.
3. - ends About Emirates Islamic : Established in 2004, as Emirates Islamic Bank, Emirates Islamic is one of the fastest growing banks in the UAE. Combining the best in Shari’a compliant services with the strongest levels of customer care and efficiency, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Offering products and services developed in line with the highest ethical standards, Emirates Islamic gives customers the transparency they seek in a strong, honest financial partner. Emirates Islamic offers a comprehensive range of products and services across the Personal, Business and Corporate banking spectrum with a network of 66 branches and 207 ATMs/CDMs across the UAE. In the fast growing area of online and mobile banking, the bank has the reputation as an innovator, and was the first Islamic bank to launch a mobile banking app and the first bank in the Middle East to launch an App on the Windows 8 mobile platform. Emirates Islamic has consistently received local and international awards, an acknowledgement of the bank’s strong record of performance, growth and market leading banking practices. The bank was named ‘Best Islamic Bank in the UAE’ at the 2015 World Finance Awards and also won the prestigious Euromoney Award for Innovation in Islamic Finance 2015. In the Islamic Business & Finance Awards 2015, the bank was named ‘Best Retail Bank, UAE’; ‘Best Commercial Bank, UAE’; and ‘Best Wealth Management, ME’. The bank won several industry accolades in 2016, including Innovator in Islamic Finance by Global Finance magazine for EI trade, the world’s first of its kind Shari’acompliant online Trade Finance and Supply Chain platform and Fastest Growing Bank – UAE at the Banker Middle East Industry Awards 2016. For further information please visit www.emiratesislamic.ae Or please contact: Amina Al Zarooni Media Relations Manager, Emirates Islamic Tel: 971 4 4397430; Mob: 971 56 6405080 Email: AminaAlZarooni@emiratesislamic.ae Ibrahim Sowaidan Head - Group Corporate Affairs Emirates NBD Telephone: +971 4 609 4113 / +971 50 6538937 e-mail: ibrahims@emiratesnbd.com