Emirates reports 19% profit increase

31 October 2006

Emirates Bank Group (EBG) has announced an increase in net profits of 19 per cent in its financial results for the nine-month period ending on September 30th.

Profits were up to AED1.37 billion ($372 million), compared with AED1.15 billion for the same period of 2005, with earnings per share increasing to AED 0.59 over the same period.

Total assets now stand at AED79.88 billion, according to the group, marking an increase of over 60 per cent over the last 12 months.

Commenting on the results, EBG's chairman His Excellency Ahmad Humaid Al Tayer said that the bank was benefiting from the strong growth in United Arab Emirates' economy.

"Leveraging on UAE's economic success, Emirates Bank Group sees excellent opportunities both within and outside the region," he said.

"Emirates Bank remains committed to all it stakeholders who have been our support and partners in helping the bank maintain its leadership position in the country."

The bank also reported strong growth in its Islamic finance sector, with Islamic financing and investments increasing its business by 233 per cent.

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