Islamic banks’ profits stable in first half

The profits of Islamic banks were stable at Dhs1.3 billion during the first half of this year compared to the same period last year. The total assets of the four Islamic banks - Dubai Islamic Bank, Abu Dhabi Islamic Bank, Sharjah Islamic Bank and Emirates Islamic Bank - rose by 7.8 per cent to Dhs221.4 billion during the first half of this year, up from Dhs205.2 billion by the end of December 2011. Customer deposits also rose by 7.4 per cent to Dhs158.3 billion during the first half of this year compared with Dhs147.2 billion in December 2011. Three banks recorded a growth in the volume of their profits. Dubai Islamic Bank’s profits rose to Dhs555.1 million during the first half of this year compared with Dhs552.1 million during the same period last year, while those of Abu Dhabi Islamic Bank rose to Dhs629.5 million compared with Dhs619.7 million. The profits of Sharjah Islamic Bank rose to Dhs149.2 million, up from Dhs123.3 million over the period of comparison, while the Emirates Islamic Bank posted losses of Dhs34 million during the first half of this year compared with profits of Dhs9.6 million during the same period last year. Total assets of Dubai Islamic Bank rose to Dhs94 billion during the first half of this year compared with Dhs90.5 billion during the same period last year, while those of Abu Dhabi Islamic Bank rose to Dhs78.8 billion compared with Dhs74.3 billion, Sharjah Islamic Bank to Dhs18.1 billion compared with Dhs17.7 billion and Emirates Islamic Bank to Dhs30.5 billion compared with Dhs22.7 billion. The four banks succeeded in increasing their deposits with Dubai Islamic Bank’s deposits rising to Dhs67.3 billion during the first half of this year compared with Dhs64.7 billion in December 2011. Abu Dhabi Islamic Bank’s deposits rose to Dhs60.5 billion compared with Dhs55.1 billion, Sharjah Islamic Bank to Dhs10.8 billion compared with Dhs10.3 billion and Emirates Islamic Bank to Dhs18.7 billion compared with Dhs17.1 billion. From:Gulftoday