DUBAI / WAM
Emirates Islamic Bank has announced a net profit of AED209 million during its Q1 2018 supported by growth in core income, efficient cost management, and an improved cost of risk. The bank’s balance sheet remains strong with improvements in credit quality and liquidity.
The net profit was up 2 percent quarter on quarter (q-o-q), and declined by 6 percent year-over-year (y-o-y). Total income of AED590 million, declined by 1 percent q-o-q and 2 percent y-o-y due to lower gains from the sale of investments. Total assets at AED57.8 billion, declined by 7 percent from end 2017 as the bank reduced the amount of cash placed with other banks. Financing and investing receivables at AED33.7 billion, remains flat from end of 2017.