Emirates Islamic Bank achieved 15% growth in profits in 2019, with a net profit of 1.061 billion dirhams.
According to the Emirates News Agency, total income increased by 8% for the year 2019 to reach 2.7 billion dirhams, and the receivables of financing and investment reached 37.5 billion dirhams, up 4% from the end of 2018, and customer deposits increased by 9% to reach 45.3 billion dirhams compared to the end of 2018 .
The current account and savings account balances currently represent 63% of the total customer deposits, and the ratio of financing to deposits remained stable at 83% to reflect the sound liquidity position. The first tier ratio of the capital was 19.5%, and the capital adequacy ratio was 20.7%, while the nonperforming ratio was 7.6% while maintaining On a strong coverage rate of 120%.
During the forty-fourth annual meeting of the General Assembly held at the headquarters of Emirates NBD in Deira, Hisham Abdullah Al Qasim, Chairman of the Emirates Islamic Board of Directors and Vice Chairman and Managing Director of the Emirates NBD Group, presented a report on the financial year ending on December 31, 2019. p>
Hisham Abdullah Al Qasim said: The Emirates Islamic continued to play a major role in driving the growth of the Islamic finance sector, as we have achieved strong results during 2019, culminating in a net profit of 1.061 billion dirhams, which is the highest in the history of the bank.
He added: Looking at the year 2020, Emirates Islamic maintains its positive expectations, as Expo 2020 Dubai is expected to provide a big boost to the economy with millions of visitors coming to the country to participate in this global event.
Emirates Islamic will continue to assume its pivotal role to contribute to the growth and innovation march of the Islamic banking sector and will do its utmost to spread awareness among members of the country’s society, institutions and companies about the benefits of Islamic banking solutions.
The General Assembly approved the proposals of the members of the Board of Directors regarding the securities that are compatible with the provisions of Islamic Sharia, which are not convertible into shares, which will be issued by the bank, after obtaining the necessary approvals from the relevant regulatory authorities.
The general assembly reviewed many reports for the year ended December 31, 2019, including the report of the bank’s board of directors for the year, the report of the bank’s auditors, the report of the internal Shari'a Supervisory Committee and the review and approval of the bank’s consolidated financial statements.
