Emirates Islamic Bank profits up

Dubai, May 1 (IANS/WAM) The Emirates Islamic Bank announced Tuesday that its operating profits rose to 138 million dirhams (about $16 million) at the close of the first quarter of 2012.

This is 68 percent growth 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.