Emirates Islamic, the Sharia-compliant subsidiary of Dubai’s biggest lender Emirates NBD, reported a 54 per cent rise in its third quarter net profit as operating income and net income from financing and Islamic products climbed.
Net profit for the three months ending September 30, increased to Dh264.2 million, the lender said in a statement to the Dubai Financial Market, where its shares trade. Total operating income for the third quarter rose to Dh715.2m, a 15 per cent rise from a year earlier.
“As a leading Islamic bank, we have taken advantage of the increasing uptake of Islamic banking products in the UAE,” said Salah Mohammed Amin, chief executive of Emirates Islamic in a statement.
The bank also credited its growth to an increase in activity around Dubai's Expo 2020, for which it is the official Islamic banking partner.
"As investments and opportunities arising out of this showcase event continue to increase, we are strategically placed to provide convenient banking solutions to residents and visitors alike," Mr Amin added.
Net income from financing and Islamic products for the three month period was Dh474.4m, up from Dh421m in the same period last year. However, net impairment of the lender’s financial assets in the third quarter climbed to Dh178.2m, up 50 per cent year-on-year.
During the nine-month period, the bank reported its highest net profit of Dh937m, up 43 per cent year-on-year. Operating income in the first nine months of 2019 increased to Dh2.05 billion, from Dh1.84bn in the same period last year.
The lender's total assets stood at Dh62.74bn, an increase of 7 per cent from the end of 2018. Customer deposits are up 9 per cent at Dh45.21bn, while financing receivables rose 3 per cent to Dh37.41bn.
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Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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SERIES INFO
Cricket World Cup League Two
Nepal, Oman, United States tri-series
Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Table
The top three sides advance to the 2022 World Cup Qualifier.
The bottom four sides are relegated to the 2022 World Cup playoff
1 United States 8 6 2 0 0 12 0.412
2 Scotland 8 4 3 0 1 9 0.139
3 Namibia 7 4 3 0 0 8 0.008
4 Oman 6 4 2 0 0 8 -0.139
5 UAE 7 3 3 0 1 7 -0.004
6 Nepal 0 0 0 0 0 0 0
7 PNG 8 0 8 0 0 0 -0.458
