Emirates Islamic Bank has announced the results of 2008, recording a net profit, excluding depositors' share, of AED 401 million, an outstanding increase of 68% on compared to AED 239 million for 2007.
Total income for 2008 grew to AED 1.5 billion from AED 961 million in previous year, reflecting strong growth of 56%. As for depositors' share of profit, it reached an outstanding amount of AED 634 million. The Bank's total assets increased by 56% to AED 26 billion compared to the end of December 2007.
The customers' accounts (including banks and government accounts) grew by 60% to AED 23.7 billion, with an increase of AED 8.8 billion than that at the end of December 2007. Shareholders' equity reached AED 1.6 billion at the end of 2008, recording an increase of 19% compared to end of December 2007. Meanwhile, return on capital has reached 43% for 2008.
Commenting on the results, Mr. Ebrahim Al Shamsi, CEO, Emirates Islamic Bank said: "Our success in achieving our strategies led us, Praise be to Allah, to strengthening our stand as one of the fastest growing and developing Islamic banks. The impressive financial results and winning two prestigious awards (The MRM and Ethos Awards) are the best evidence of the ability of the Bank to achieve its targets". The CEO has further added "This has ensured that our customers as well as our shareholders and employees get their due rewards from this success which, with the Blessing of Allah, would not have been possible without them. I take this opportunity to thank them all and would like to say with confidence that we will grow from success to success in the future, In Sha' Allah".For more on this article, please click on the following link: Emirates Islamic Bank profits leap to 68%: Zawya
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