Emirates Islamic Bank has recorded 321 per cent increase in its net profits during the first half of 2008 compared to the same period last year.

The EIB said its net profit, excluding the depositors'' share, reached Dh320 million during the first six months of 2008 compared to Dh76m during the same period last year. Depositors'' share of profits reached Dh266m.

"Total income for the first half of 2008 grew to Dh780m from Dh401m in the same period last year, reflecting a growth of 95 percent. EIB''s total assets increased by 100 per cent to Dh26 billion compared to the end of June 2007."

The bank''s customer accounts grew 95 per cent to Dh22.3bn, an increase of Dh10.9bn compared to the same period last year. Shareholder equity reached Dh1.5bn at the end of the period, an increase of 25 per cent compared to end of June 2007.