emirates7 - Emirates Islamic has reported a record-breaking pre-tax profit of AED 3.1 billion for 2024, marking an impressive 46% increase compared to the previous year. The bank also achieved its highest-ever net profit of AED 2.8 billion, reflecting a substantial 32% growth.
This outstanding financial performance was fueled by strong gains in both funded and non-funded income, underscoring the bank’s robust business momentum. Total income rose by 13% to AED 5.4 billion, while total assets experienced a significant 27% expansion, reaching AED 111 billion.
Customer financing saw remarkable growth, surging by 31% to AED 71 billion, while customer deposits also witnessed a substantial 25% increase, climbing to AED 77 billion in 2024.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, highlighted the bank’s record-breaking success, stating, "Emirates Islamic delivered its strongest-ever financial results in 2024, reaffirming our position as the fastest-growing Islamic bank in the UAE. Our rapid growth is evident in our robust balance sheet, with asset expansion outpacing all other Islamic banks in the UAE since 2020."
Farid AlMulla, Chief Executive Officer of Emirates Islamic, echoed this sentiment, emphasizing that the bank surpassed all expectations in 2024. He attributed this achievement to exceptional growth in both funded and non-funded income, which contributed to a strong net profit margin and a low cost of risk.
This outstanding financial performance was fueled by strong gains in both funded and non-funded income, underscoring the bank’s robust business momentum. Total income rose by 13% to AED 5.4 billion, while total assets experienced a significant 27% expansion, reaching AED 111 billion.
Customer financing saw remarkable growth, surging by 31% to AED 71 billion, while customer deposits also witnessed a substantial 25% increase, climbing to AED 77 billion in 2024.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, highlighted the bank’s record-breaking success, stating, "Emirates Islamic delivered its strongest-ever financial results in 2024, reaffirming our position as the fastest-growing Islamic bank in the UAE. Our rapid growth is evident in our robust balance sheet, with asset expansion outpacing all other Islamic banks in the UAE since 2020."
Farid AlMulla, Chief Executive Officer of Emirates Islamic, echoed this sentiment, emphasizing that the bank surpassed all expectations in 2024. He attributed this achievement to exceptional growth in both funded and non-funded income, which contributed to a strong net profit margin and a low cost of risk.