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SIB 2019 profit rises 7% to Dh545.5m, 10% dividend proposed

Staff Report/Dubai
Filed on January 25, 2020

(Supplied)

Sharjah Islamic Bank's (SIB) 2019 annual net profit grew seven per cent to Dh545.5 million in 2019, as compared to Dh510.4 million recorded in the previous year.

Total assets reached Dh46.4 billion at the end of 2019, a 3.7 per cent increase in comparison to the Dh44.7 billion achieved at the end of 2018. Total operating income reached Dh1.9 billion in 2019, compared to Dh1.7 billion in 2018. An 11 per cent or Dh187.3 million increase brought the net operating income to Dh1.3 billion in 2019, compared with Dh1.1 billion as compared to last year, or 19.9 per cent with an increase of Dh216.1 million.

General and administration expenses declined to Dh585.4 million by the end of 2019, compared to Dh614.2 that was recorded at the end of 2018, a substantial decrease of Dh28.9 million or 4.7 per cent. The Board of Directors proposed 5 per cent cash dividends (0.05 dirhams per share) and 5 per cent Bonus share on the paid capital (1 share for each 20 shares).

SIB successfully attracted more deposits during the year, with customer deposits increasing by 3.3 per cent or Dh874.5 million to reach Dh27.3 billion, compared to the Dh26.4 billion recorded last year.

Liquid assets reached Dh10.4 billion or 22.4 per cent of total assets at the end of December 2019. Financing facilities reached Dh25.1 billion, an increase of Dh1.0 billion or 4.2 per cent compared to Dh24.1 billion last year.

Mohammed Abdullah, CEO of Sharjah Islamic Bank, said that 2019 enhanced the bank's financial solvency and consolidated the capital base.

"2019 was a good year for Sharjah Islamic Bank, as we developed the technical, and administrative systems, and achieved the highest profit in the bank's history, in spite of the competitive environment and market challenges," he said.

Total shareholders' equity at the end last year reached Dh7.5 billion, representing 16.2 per cent of the Bank's total assets with an increase of Dh2.1 billion, due to the issuance of Tire 1 Sukuk during the third quarter amounting to $500 million (Dh1.8 billion) while capital adequacy ratio reached 22.79 per cent in comparison to 16.96 per cent in 2018.

- waheedabbas@khaleejtimes.com


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