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Sharjah Islamic Bank’s 
profit surges 23% in H1

DUBAI - Sharjah Islamic Bank has announced a 23 per cent jump in its net profit for the first half of the current year compared with the same period last year.

The Shariah-compliant banks’net profit for the first six months rose to Dh186 million from Dh151.7 million the bank reported for the first half of 2009. The impressive rise in profit is still lower than the profit the bank reported for the first half of 2008, which stood at Dh191.8 billion.

The Sharjah-based bank on Monday announced its second quarter results that showed a significant growth of over 75 per cent compared to the first quarter. The bank declared a net profit of Dh118.5 million for the second quarter, which is much higher than the bank earned in the first three months of the year.

“The total income of the bank reached Dh426.9 million and net operating income hit Dh288.4 million by end of the second quarter of 2010,” the bank said in a statement.

The bank’s total assets reached Dh16.4 billion while its total liquid assets touched Dh3.6 billion. Customer deposits currently stands at Dh10 billion.

The bank said its net customer receivables reached Dh9.9 billion and it has a total shareholder equity amounting to Dh4.3 billion, representing 26 per cent of the total assets.

abdulbasit@khaleejtimes.com