Emirates Islamic Bank generated net profits of AED148.6m ($40.5m) in the first three months of the year, up 253 per cent on the same period last year.
The bank’s customer deposits reached AED18.5bn by the end of March, up 68 per cent on the AED11bn figure at the end of March 2007.
Emirates Islamic Bank has both investment banking and retail banking divisions.
Its largest recent Islamic transaction was as lead arranger on a $200m financing facility for Qatar’s Energy City.
Energy City Development Company expects to spend some $2.6bn building offices and homes for people working in the hydrocarbons industry in Qatar. The other banks involved in the transaction were Khaleeji Commercial Bank from Bahrain and Standard Bank from South Africa.
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