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SIB profit up 3% to Dh131.4m in Q1

Staff Report/Sharjah
Filed on April 18, 2016
Supplied Photo
Supplied Photo

The bank's net operating income increased by 55 per cent to Dh219.2 million

Sharjah Islamic Bank on Monday declared a net profit of Dh131.4 million for the first three month of 2016 compared to Dh106.9 million for the same period last year; showing a 22.9 per cent increase.

The bank's net operating income increased by 55 per cent to Dh219.2 million by the end of the first quarter of 2016 compared to Dh141.5 million in the same period 2015.

Its net provision on customer receivable reached Dh43.8 million by end of the March quarter 2016 compared to Dh4.2 million in the same period last year with an increase of Dh39.6 million.

Total assets increased to Dh30.2 billion compared to Dh29.9 billion at the end of 2015 with growth of one per cent. The results reflect the success of SIB's strategy of pursuing consistent and stable growth in profitability and solid financial position, according to the bank.

Liquid assets reached Dh6.7 billion or 22.3 per cent of total assets at the end of the 1st quarter 2016.

- abdulbasit@khaleejtimes.com





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