SIB achieves Dh107m net profit for Q1 2015
Liquid assets reached Dh5.7 billion comprising 20.7 per cent of total assets.
Dubai — Sharjah Islamic Bank achieved a net profit of Dh106.9 million for the first quarter 2015 compared to Dh110 million for the same period last year. While total assets reaching Dh27.4 billion, total assets grew by 5.3 per cent to reach Dh27.4 billion at the end of the first quarter 2015 compared to Dh26.0 billion at year end 2014.
Liquid assets reached Dh5.7 billion comprising 20.7 per cent of total assets. Net customer receivables amounted to Dh16 billion growing by 10.5 per cent or Dh1.5 billion compared to year end 2014. Investment securities increased by 27.6 per cent to reach Dh2 billion compared to Dh1.6 billion at the end of 2014. Sharjah Islamic Bank was successful in attracting more deposits during the first-quarter of the year as customer deposits reached Dh15.2 billion growing by 647.9 million or 4.4 per cent compared to Dh14.6 billion at the end of 2014.
During the first quarter of 2015, SIB successfully issued a new $500 million five-year sukuk as part of the bank’s $3 billion medium-term notes sukuk programme, enhancing the bank’s position in the field of international sukuk. It is worth mentioning that this is SIB’s fourth sukuk issuance since 2006 supporting its strategic plans. Sharjah Islamic Bank enjoys a strong capital base with 4.5 billion in shareholder’s equity as of end of first quarter 2015, comprising 16.3 per cent of total assets and a capital adequacy ratio of 21.3 per cent.
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