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Dubai: Emirates Islamic Bank (EIB) has reported Dh76 million net profit for the first six months of 2007, up 48 per cent from Dh51 million in the same period last year.
Total income grew 94 per cent to Dh401 million from Dh207 million in the same period last year.
This has contributed to a 126 per cent increase in the profits of the depositors' share compared to the same period of 2006, which was estimated at Dh167 million.
EIB's total assets increased by 26 per cent to Dh13 billion and the bank reported a 22 per cent growth in Islamic financing and investments to Dh11.8 billion.
On the liability side, the bank's customer deposits grew 26 per cent to Dh 11.4 billion, with an increase of Dh 2.4 billion compared to end of last year.
Total shareholder equity reached Dh1.2 billion at the close of first half this year, an increase of 20 per cent compared to the end of 2006.
Meanwhile return on capital reached 20 per cent per annum, compared to 18 per cent in December 2006.
During the first half of this year, EIB launched its debut sukuk offering under its new Dh1.3 billion issuance programme. The five-year sukuk issue was priced at Libor plus 30 basis points.
"These proven results demonstrate our progress. Although the bank was only founded towards the end of 2004, we have become one of the UAE's fastest growing and most highly developed banks. And currently we are one of the highest profit distributors on customer deposits in the UAE as well," said Ebrahim Al Shamsi, CEO of Emirates Islamic Bank. |
