Emirates Islamic, one of the leading Islamic financial institutions in the UAE, posted a net profit of Dh106 million ($28.86 million) for 2016.
Total Income for 2016 (net of customers’ share of profit and distribution to sukuk holders) grew by 3 per cent to Dh2.5 billion during the year, the bank said.
Total cost at Dh1.1 billion increased by 11 per cent compared with the previous year. However, total costs declined significantly over last three quarters of 2016 as cost control measures were implemented during the year, it said.
Total assets stood at Dh59.2 billion, up 11 per cent from end 2015.
The results were announced at the Annual General Meeting (AGM) of the bank held in Dubai. Hesham Abdulla Al Qassim, chairman of Emirates Islamic, vice chairman and managing director of Emirates NBD, presented a review of the financial year ended December 31, 2016.
Al Qassim said: “These results are significant because we have demonstrated resilience in the face of challenging global markets, as we cement our position as a leader in the nation’s Islamic banking sector.”
The AGM reviewed and approved the Board of Directors’ report on the bank’s activities and its financial position as at December 31, 2016, and reviewed and approved the bank’s auditors’ report.