Emirates Islamic Bank's financial statements showed that the bank's profits rose by 271% last year, reaching 823 million dirhams.
According to the bank's results for the Dubai Financial Market, today, Wednesday, this significant increase in annual profits is due to a clear improvement in unfunded income and a significant decrease in the cost of risk.
The total income rose 15% to 2.39 billion dirhams, on the back of an increase in unfunded income, and operating costs rose by 10% compared to the same period of the previous year.
On the other hand, provisions for impairment decreased by 74%, and operating profit increased by 20% compared to the same period of the previous year, according to the bank's statement.
Total assets remained at AED 65 billion, reflecting a strong asset base, and debt financing activities amounted to AED 42.6 billion, an increase of 4% over 2020.
Customer deposits amounted to 47.3 billion dirhams, an increase of 1%, while the balances of current and savings accounts represented 78% of total deposits.
