SIB’s net profit rises by 6.2 per cent for 2017

SHARJAH — Sharjah Islamic Bank, SIB, has posted a net profit of AED 272.9 million for the first half of 2017 compared to AED 257.0 million for the same period last year, with an increase of 6.2 per cent.

Total assets reached AED 36.9 billion at the end of the 2nd quarter 2017 compared to AED 33.5 billion at the end of 2016. Liquid assets reached AED 8.4 billion or 22.8 per cent of the balance sheet, reflecting the strong liquidity position of the bank and the strength of its financial position.

Net customer receivables of the bank amounted to AED 19.0 billion at the end of the 2nd quarter 2017, an increase of 11.2 per cent or AED 1.9 million compared to the yearend 2016.

Investment securities increase by 20.1 per cent to reach AED 4.9 billion at the end of the 2nd quarter 2017 compared to AED 4.1 billion at the end of December 2016.

Sharjah Islamic Bank was successful in attracting more deposits during the 2nd quarter of the year as the total customer deposits reached AED 22.1 billion by the end of the 2nd Quarter 2017, growing by 3.8 billion or 20.3 compared to AED 18.3 billion at the year end of 2016.

On the Bank’s statement of profit or loss, net operating income reached AED 480.1 million at the end of the first half of 2017 compared to AED 435.5 million in the same period 2016, an increase of 10.2 per cent.

Return (annualised) on Average Shareholders’ Equity (ROAE) reached 10.94 per cent by the end of the 2nd quarter 2017 compared to 9.68 per cent at the end of December 2016, while Return (annualised) on Average Assets (ROAA) was 1.55 per cent by the end of the 2nd quarter 2017 compared to 1.46 percent at the end of December 2016.

Sharjah Islamic Bank is strongly capitalised. Total shareholders’ equity reached AED 5.1 billion or 13.9 per cent of total assets by the end of the 2nd quarter 2017, and maintain a strong capital adequacy ratio of 20.61 per cent by the end of the 2nd quarter 2017.

Source: Emirates News Agency