Sharjah Islamic Bank posts Dh360m net profit

Sharjah Islamic Bank (SIB) posted a net profit of Dh360 million for the first nine months of 2017, compared to Dh335.8 million for the same period last year, a 7.2 per cent increase.
Total assets reached Dh37.8 billion at the end of the third quarter of 2017, compared to Dh33.5 billion at the end of 2016. Liquid assets reached Dh8.2 billion or 21.6 per cent of the balance sheet at the end of the third quarter of 2017, compared to Dh7.8 billion or 23.4 per cent at the end of 2016, reflecting the strong liquidity position of the bank. Net customer receivables of the bank amounted to Dh20.3 billion at the end of the third quarter of 2017, an increase of 18.8 per cent or Dh3.2 billion compared to the year end 2016.
Investment securities increased by 19.8 per cent to reach Dh4.9 billion at the end of the third quarter 2017 compared to Dh4.1 billion at the end of December 2016. Throughout the third quarter of the year, the bank experienced positive growth rates in attracting deposits of all kinds, the balance of customer's deposits, reported commendable growth by 20.5 per cent, with an increase of Dh3.8 billion higher than that at the end of 2016, totaling to Dh22.1 million.
On the bank's statement of profit or loss, net operating income reached Dh696.5 million for the nine months of 2017 compared to Dh587.6 million in the same period in 2016, an increase of 18.5 per cent. Total shareholders' equity reached Dh5.2 billion or 13.8 per cent of total assets by the end of the third quarter of 2017, and maintain a strong capital adequacy ratio of 20.60 per cent by the end of the third quarter of the year.
- business@khaleejtimes.com