Emirates Islamic Bank announces 253% growth in first quarter profits

Posted on May 3, 2008

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Emirates Islamic Bank, one of the leading financial institutions in the region announced the first quarter results which were even more impressive when compared to an already impeccable record of results and customer experience.

The Bank recorded a net profit of Dhs148.6m, recording a phenomenal increase of 253 % on the results for the same period last year. The total income in the first quarter of 2008 grew to Dhs359.2m from Dhs189.5m in the same period last year witnessing an increase of 90%.

The bank’s balance sheet including total Assets, Customer deposits and Shareholder equity also recorded significant increases. Compared to the 1st quarter of 2007, total Assets reached Dhs21.15bn reflecting a 68 % growth, Customer deposits grew to Dhs18.15bn registering 68 % growth with total shareholder equity reaching Dhs1.48bn, recording an increase of 31 %. Earnings per share stood at Dhs0.2 reflecting a growth of 257%. [more]

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