Sharjah Islamic Bank’s 1st quarter profits rise to AED 139.1 million

SHARJAH, — Sharjah Islamic Bank, SIB, booked a net profit of AED139.1 million for the first quarter of 2017, a 5.9 percent growth compared to AED 131.4 million in the same period last year.

The bank’s total assets amounted to AED34.6 billion at the close of the first quarter of 2017 compared to AED33.5 billion at the end of 2016.

The net operating income reached AED237.8 million in the first quarter of 2017, up 8.5 percent compared to AED219.2 million in the same period last year.

Net customer receivables of the bank amounted to AED17.6 billion at the end of the first quarter 2017, an increase of 2.9 percent compared to the year-end 2016.

The bank’s customer deposits surged 7.6 per cent to AED19.7 billion during the first three months of 2017 from AED18.3 billion at the year-end 2016.

SIB reported strong capital adequacy ratio 21.04 per cent at the close of the first quarter 2017.

Source: Emirates News Agency