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Emirates Islamic 2014 profit jumps 161%

Emirates Islamic's SME segment saw strong growth. (File)

By Staff

Emirates Islamic bank’s net profit jumped 161 per cent to Dh364 million in 2014 compared to the previous period on higher fee income and stronger growth in SME business.

Net income rose 28 per cent to Dh1.95 billion while financing and investing receivables were up 20 per cent to Dh26.1 billion.

Fee income jumped 54 per cent to 521 million and non-performing financing ratio reduced to 10 per cent, down 6 percent from 2013.

“The small and medium enterprises (SME) segment saw particularly strong growth with our new business acquisition more than doubling,” said Jamal Bin Ghalaita, CEO, Emirates Islamic.