For immediate release
Emirates Islamic reports record net profit of AED 601 million for Q1 2023
Dubai, 27 April 2023
Emirates Islamic delivered a record net profit of AED 601 million for the first three months of 2023 as total
income grew 74%.
Total Income Expenses Provisions Net Profit
AED 1.133 billion AED 377 million AED 155 million AED 601 million
34% y-o-y 424% y-o-y 76% y-o-y
NFIM Cost: Income Ratio NPF Ratio CET-1 Ratio
4.72% 33.3% 6.8% 18.5%
Key Highlights – Q1 2023
 Strong operating performance on higher funded income and non-funded income
 Total income up 74% y-o-y driven by rising core revenues as a result of improved financing and
deposit mix with higher profit rates coupled with higher non funded income
 Operating expenses increased by 34% y-o-y as the Bank invests for future growth. Cost to income
ratio at 33.3%, lower by 10% y-o-y
 Impairment Allowances increased by 424% y-o-y due to financing growth and increased overlays
resulting in higher coverage ratio
 Operating profit showed an impressive growth of 103% y-o-y
 Net profit increased to a record AED 601 million, up by 76% y-o-y
 Net profit margin improved to 4.72%
 Strong capital and liquidity combined with a healthy deposit mix enabled the Bank to continue
supporting customers
 Total assets at AED 77.9 billion, increased 4% from end 2022
 Customer financing at AED 49.6 billion, increased 3% from end 2022
 Customer deposits at AED 57.3 billion, increased 2% from end 2022 with Current Account and
Savings Account balances at 75% of total deposits
 Credit Quality: Non-performing financing ratio improved to 6.8% with strong coverage ratio at 133%
 Capital: Tier 1 ratio of 18.5% and 19.7% Capital adequacy ratio reflects Bank’s strong capital position
 Headline Financing to Deposit ratio at 87%, reflects continued healthy liquidity in the UAE
Page 1 of 3Hesham Abdulla Al Qassim, Chairman, Emirates Islamic said:
 We are very pleased to announce a strong performance by Emirates Islamic in the
first quarter of 2023. The bank’s net profit grew by 76% year-on-year to a record AED
601 million, driven by a 74% growth in total income.
 As the UAE steadily delivers higher economic growth, customer confidence is at a
high. This was reflected in increased appetite for retail products, growth in card spending and higher
customer deposits.
 The Bank announced the successful pricing of its inaugural AED 1 billion dirham-denominated sukuk,
the first such sukuk by a UAE bank. The Sukuk sale will expand financing options for UAE corporations
with Shariah-compliant needs while enhancing the development of the Ministry of Finance’s dirham
yield curve. The three-year issue attracted a strong orderbook and was 2.5 times oversubscribed
which allowed the Bank to tighten the profit rate to 5.05%, at a spread of 67 basis points over UAE
Government Treasuries.
 At Emirates Islamic, we believe in Emirati talent and have exceeded the Emiratization target set by
the Central Bank of the UAE. We are proud to have one of the highest Emiratization rates in the UAE
banking sector, at 38% of total employees at the Bank.
 Emirates Islamic supported those in need by contributing AED 108 million in 2022 through the
Emirates Islamic Charity Fund. The bank will continue to support a number of charitable institutions
and deserving causes in 2023, especially during the holy month of Ramadan.
Salah Mohammed Amin, Chief Executive Officer, Emirates Islamic said:
 Emirates Islamic’s balance sheet remains strong with total assets growing by 4% in
the first quarter of 2023 to reach AED 77.9 billion, demonstrating the strength of our
operating capabilities and prudent risk management.
 Our strong results are a reflection of our focus on providing innovative financial solutions to our
customers while enhancing the overall customer experience.
 As Emirates Islamic continues to drive innovation in the Islamic banking sector, the Bank launched
a global FinTech accelerator campaign in collaboration with the world’s leading innovation
platform, Plug and Play Abu Dhabi. The campaign is a call to action for leading Islamic FinTechs
and financial startups with propositions that can enhance customer journeys across SME
financing, trade finance and financial wellbeing.
 Further reinforcing our commitment to SMEs, the Bank launched its “Trade More, Earn More”
campaign to incentivise small and medium-sized businesses to use our trade solutions suite for
optimal import and export business transactions.
 As the bank of choice for UAE nationals, the Bank launched the “Emarati Week” initiative, giving
existing Emarati customers 7-day-access to exclusive rates, special offers, and the chance to win
grand prizes.
Page 2 of 3 We are pleased to be recognised for our market-leading proposition, customer-centricity and
innovative banking propositions. The Bank won three prestigious awards at the Islamic Finance
News Awards 2022 and was named ‘Best Retail Bank in the UAE’ for excellence in consumer-
focused banking propositions, ‘Most Innovative Bank in the UAE’ in recognition of its commitment
to digital, customer-centric banking experiences and ‘Best Digital Offering in the UAE’ for its
transformative digital banking proposition and integration of industry-leading technology. In
addition, the bank was also named ‘Most Innovative Shariah-Compliant Bank’ by International
Finance Magazine.
-ENDS-
About Emirates Islamic:
Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is one of the fastest growing banks in the UAE. Established
in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial
services sector in the UAE.
Emirates Islamic offers a comprehensive range of Shari’a-compliant products and services across the Personal, Business
and Corporate banking spectrum with a network of 42 branches and 211 ATMs/CDMs across the UAE. In the fast-
growing area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a
mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking
services for customers via WhatsApp.
Emirates Islamic has consistently received local and international awards, in recognition of its strong record of
performance and innovation in banking. Emirates Islamic won recognition in 2022 for its financial performance,
innovative products and customer experience. The bank won three awards at the World Finance Islamic Finance Awards
- namely “Best Islamic Bank in UAE”; “Best Islamic Bank in Customer Experience, UAE” and “Best Credit Card in
UAE” for its Etihad Guest Credit Cards - a range of exclusive, co-branded credit cards with Etihad Airways. The bank
was also named ‘Best Islamic Bank for SMEs’ at the MEA Finance Awards, recognised for its innovative proposition for
small and medium enterprises (SMEs) and its status as a preferred bank for entrepreneurs seeking Shari’a -compliant
products and services for their businesses.
As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in
need, with a focus on food, shelter, health, education and social welfare contributions.
For further information please visit www.emiratesislamic.ae
Or please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Tel: +971 4 4397430; Mob: +971 56 6405080
Email: AminaAlZarooni@emiratesislamic.ae
Ibrahim Sowaidan
SVP - Head - Group Corporate Affairs
Emirates NBD
Tel: +971 4 609 4113 / +971 50 6538937
Email: ibrahims@emiratesnbd.com
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Sentiment: positive