Emirates Islamic Bank Announces Highest Profits in Two Years

UAE’s leading bank, Emirates Islamic Bank announced on May 1, 2012 that its operating profits rose to 138 million dirhams (about $16 million) at the close of the first quarter of 2012. This is the bank’s highest operating profit in the past two years.

Over 68 percent growth recorded over Q1 and Q4 2011. Total net income rose to 228 million dirhams for Q1 2012, a 21 percent increase from the same period one year ago.

Likewise, customer accounts grew by 5 percent during the first quarter of 2012, while assets grew by 13 percent from year-end, 2011.

Following its change of management in October 2011, the bank has embarked on an aggressive three-year growth strategy, which has started to pay off.