Emirates Islamic Bank’s quarterly profits jump 207%

Dubai-based Emirates Islamic Bank (EIB) yesterday said its third quarter profits jumped 207 per cent to Dh443 million against Dh144m for the same period last year. The Islamic bank said its income in the third quarter grew to Dh1.17 billion from Dh654m, registering a growth of 79 per cent. At the end of September, total assets increased 80 per cent to Dh25.28bn compared to Dh14bn at the third quarter of last year. Customers’ deposits grew by 81 per cent to Dh21.81bn, compared to Dh12bn in the third quarter last year. Shareholders’ equity reached Dh1.67bn at the end of the period, with an increase of 39 per cent compared to the third quarter of 2007 when it was Dh1.2bn. Meanwhile, earnings per share has risen to Dh0.47. Ibrahim Fayez Al Shamsi, CEO of Emirates Islamic Bank, said: « These results reflect the continuous success of strategic planning and robust execution of our business plans. » « We continue to set benchmarks on all fronts. One reflection of this reality is that EIB is still highest profit distribution on customers’ investment and saving accounts for almost three consecutive years despite the adverse developments in the global financial markets. « I firmly believe we will achieve a record breaking end of year results, Insha Allah. » The bank continued to launch innovative products and services. Among Emirates Islamic Bank’s key initiatives was the launch of Skywards credit card, chip-based credit cards, enhanced SME solutions, new technology implementation, payment windows, and launch of several new branches in the quarter. business24-7.ae