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Sharjah Islamic Bank announces net profits of Dh61.5m

SHARJAH — Sharjah Islamic Bank announced its 1st quarter 2006 results with another successful quarter where net profits reached Dh61.5 million, an increase of 32 per cent compared to 46.8 million achieved in the same period last year. Net operating profit reached 61.5 million compared to 23.3 million, an increase of 38.2 million or 164 per cent.

Net customer receivables reached Dh4 billion rising by Dh503 million or 15 per cent since the end of last year while total Assets grew by 11 per cent to reach Dh5.9 billion. Investments were up by 21 per cent to reach Dh519 million while customer deposits crossed Dh3.2 billion, a 10 per cent growth since Dec 2005.

Hussein Al Qemzi, CEO of Sharjah Islamic Bank commented, 'The first quarter results for 2006 reflect the bank's success in executing our strategic and long term objectives and our commitment to expanding and diversifying our businesses and operations."

Sharjah Islamic Bank has recently opened its tenth branch in Al Dhaid area and is planning to open a number of other branches across the UAE before the end of the year.