Emirates Islamic Bank announces its results for Q3 of 2007

The total income in Q3 2007 grew from Dhs 360 m in the third quarter of 2006 to Dhs 654 m reflecting a strong growth of 82%.

At the end of September 2007, total assets increased by 34%, standing at Dhs14bn compared to Dhs10.5bn at the third quarter of last year. Customers' accounts grew 31% to Dhs12bn, with an increase of Dhs3bn compared to September of last year. Shareholders' Equity reached Dhs1.2bn at the end of the period, with an increase of 27% compared to the third quarter of 2006. Meanwhile, earnings per share have risen to 19%, from 10% in September 2006.

Commenting on these results, Mr. Ibrahim Fayez Al Shamsi, CEO of Emirates Islamic Bank said: "Within a year we managed to grow our net profit by 88%. These results reflect the success of our strategic planning, continuous progress, and launching of new products. We have sustained the position of the Bank with the highest profit distribution on customers' investment & saving accounts in UAE during the last three years. With our customers' permanent trust, I believe we will achieve even better results in the coming period. Allah willing".

He also added: "In Q3 of 2007, Emirates Islamic Bank, along with other financial institutions, has led SUKUK issuance of $500m and we will be announcing all details later this month".

In addition to achieving these outstanding results, the management of the Bank has continued its strive to offer innovative products and services that cater to different customers' needs.

Among Emirates Islamic Bank's key initiative in the current year was the launch of Al Reem ladies banking, a specialised banking service designed to fulfil the unique banking and financial needs of ladies in UAE. In addition to being the First Bank in the UAE to launch Visa Infinite credit card and the first Islamic bank in the country to introduce an un-embossed MasterCard chip debit card, one of the latest innovations in the card industry.