Emirates Islamic’s first half net profit doubles

26/07/2014 08:01 AST

Emirates Islamic Bank (EIB), the Islamic bank belonging to the Emirates NBD group reported a net profit of Dh226.46 million for the first half of 2014, up 104 per cent compared to Dh111.02 million for the same period in 2013.

In the second quarter of this year the bank’s net profits were up 70.3 per cent at Dh132.49 million compared to Dh77.78 million in the second quarter of last year.

For the first half of the year, the bank’s total assets were up 4.27 per cent at Dh41.46 billion with financing and investments at Dh23.76 billion, up 9.5 per cent at Dh23.76 billion at the close of the second half of the year.

Bank’s total income for the first six months of this year surged to Dh1 billion from Dh929.64 million compared to the same period in 2013 while income from financing activities were up 17.24 per cent at Dh661.97 million in the first half of 2014 compared to the same period in 2013.

While the operating profit for before impairment allowance and distributions were at Dh714.47 million in the first half of this year compared to Dh631.86 million the same period last year impairment allowances net of recoveries were at Dh313.87 million compared to Dh297.77 million.


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