Emirates Islamic has reported a record net profit of AED 1 billion for the first quarter of 2025, marking a 24% increase compared to the same period last year. The bank's total income rose by 8% to AED 1.45 billion, driven by higher funded and non-funded income amid positive business sentiment in the UAE.
Expenses increased by 15% as the bank continued its investment efforts to drive growth. Despite this, an impairment allowances credit of AED 169 million was recorded due to strong recoveries, contributing to a 5% improvement in operating profit.
The bank's total assets grew by 11% to AED 123 billion, while customer financing increased by 7% to AED 75 billion. Customer deposits rose by 8% to AED 83 billion, with current and savings accounts making up a healthy portion of these deposits.
Credit quality improved with a non-performing financing ratio at 4%, supported by a coverage ratio of 146%. The bank's capital position remains robust with a Tier 1 ratio of 17.8% and an overall capital adequacy ratio of 18.9%.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, highlighted the milestone achievement: “Emirates Islamic’s quarterly profit surpassed the AED 1 billion milestone for the first time ever, growing 24% year-on-year." He also noted the successful issuance of a USD 750 million Senior Unsecured Sukuk during the quarter.
Farid AlMulla, CEO of Emirates Islamic, emphasized the bank's focus on digital banking innovation and youth empowerment initiatives: “Emirates Islamic has achieved unprecedented profitable growth in the first quarter of 2025... We continue to add innovative services to our digital banking platforms."
The bank is also committed to social responsibility efforts and supporting Emiratisation initiatives, maintaining an Emiratisation ratio of nearly 40%.
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