2023-08-01 22:05:49
Islamic banks listed in the local financial markets recorded a growth in their net profits by 37.02% at the end of the first half of this year, with an increase in their operating revenues amid continued demand for credit and banking services, supported by the recovery of economic activities.
The business results of those banks showed a growth in profits from 5.14 billion dirhams at the end of the first half of 2022, to 7.043 billion dirhams in the same period of the current year.
The profits of “Dubai Islamic Bank” increased by 14.24%, to reach 3.049 billion dirhams at the end of the first half, compared to 2.669 billion dirhams at the end of the first half of 2022, supported by an increase in net operating revenues by 11% on an annual basis, to reach 5.580 billion dirhams in addition to The bank achieved another historic achievement, represented by its balance sheet reaching 300 billion dirhams, with a strong increase of 4% year-to-date. Financing activities also recorded a growth of 2%, bringing the total financing to individuals and companies to 190 billion dirhams.
Abu Dhabi Islamic Bank’s profits increased by 61% to 2.3 billion dirhams, from 1.4 billion dirhams during the comparison period, supported by an increase in operating revenues by 85%, which reached 5.573 billion dirhams at the end of the first half, and customer deposits increased to a historic level, exceeding 150 billion. dirhams, and the value of assets jumped 28% to 182 billion dirhams.
The net profit of «Emirates Islamic» increased by 73% to 1.2 billion dirhams at the end of the first half, which is the highest semi-annual net profit for the bank ever, compared to 710.1 million dirhams at the end of the period.
The same as last year, supported by an increase in funded and unfunded income, which reflects the improvement of the thriving business scene, in addition to the increase in total income by 71%, compared to the same period in the previous year.
The profits of “Sharjah Islamic Bank” also increased by 36.7%, to reach 494.6 million dirhams at the end of the first half, compared to profits of 361.9 million dirhams achieved during the same period in 2022, supported by an increase in operating profits before provisions by 31%, to reach 648.7 million dirhams. Net income on financing and investment products increased by 22% to reach 716.7 million dirhams, and net fees, commissions and other income increased by 34.6% to 247.8 million dirhams.
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