IslamicFinance.de

Emirates Islamic Bank (EIB) reported a first quarter net profit of Dhs33.2 million, a 101 per cent increase compared to the previous year. The total income for the three months rose up by 42 per cent to reach Dhs443 million. EIB also reported a 42 per cent increase in operating profit before an impairment of Dhs195 million in the first quarter. The bank’s non-performing ratio as of March 31, 2013, improved to 19.2 per cent, from 20.4 per cent on December 31, 2012. EIB’s customer deposits stood at Dhs26.3 billion while the customer financing increased five per cent to Dhs20.7 billion. The bank maintained a financing-to-deposit ratio of 93 per cent, and a capital adequacy ratio of 16.3 per cent. According to Jamal Bin Ghalaita, chief executive officer of Emirates Islamic Bank, the bank has targeted segments of SME and priority customers and also continued to develop its commercial segment.