Published On: Wed, Oct 22nd, 2014

SIB announces a 33.5% rise in net profits

Sharjah Islamic Bank

Sharjah Islamic Bank

Sharjah Islamic Bank announced its 2014 nine month results with net profits up to AED295 million, compared to AED221 million achieved in the same period last year, a 33.5% growth rate.

Net customer facilities reached AED13.9 billion, rising by AED 1.4 billion, a 11.3% increase since December 2013 and customer deposits reached AED14.2 billion, rising by AED 2.2 billion or 18.9% growth since December 2013. Total Assets reached AED24.4 billion, growing by 12.4% since December 2013.

Liquid assets reached AED5.7 billion, or 23.4% of the total assets, compared to AED5.1 billion or 23.6% at the end of 2013.

SIB shareholder’s equity of 4.6 billion represents 18.6 percent of the total balance sheet footing, maintaining a strong capital adequacy ratio of 25.3% by the end of September, reflecting the bank’s strong capital base and strong financial position that enables the bank to achieve its strategic objectives.

Source : WAM News Agency for United Arab Emirates

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