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Image courtesy: WAM

Sharjah Islamic 2019 net profit up 7pc to $148m

SHARJAH, February 24, 2020

Sharjah Islamic Bank (SIB) has reported a net profit of Dh545.5 million ($148.5 million) last year, an increase of seven percent compared to 2018, when profits reached Dh510.4 million, a media report said.

During the 44th General Assembly of the bank on Saturday, 10 percent of the profits were distributed to shareholders, including five percent in cash and five percent of bonus shares, reported Emirates news agency Wam.

The meeting was headed by Abdul Rahman bin Mohammed Al Owais, chairman of the Board of Directors, in the presence of the members of the board and the executive management of the bank.

"The positive financial results of SIB for 2019 reflect the bank's financial position and its reliable performance, as listed last June by credit rating agency Standard & Poor's, which recorded the bank's long-term credit rating from BBB + to "A-". With a stable outlook, the bank's total assets grew by 3.7 percent to reach Dh46.4 billion, compared to Dh44.7 billion at the end of 2018," said Al Owais.

The operating income of the bank in 2019 was Dh1.9 billion, compared to Dh1.7 billion in 2018, an increase of Dh187.3 million, equivalent to a rise of 11 percent. The net operating income last year amounted to Dh1.3 billion compared to Dh1.1 billion in 2018, an increase of 19.9 percent, equivalent to Dh216.1 million. The general and administrative expenses reached Dh585.4 million in 2019, compared to Dh614.2 million in 2018, a decrease of Dh28.9 million, or 4.7 percent.

The total equity of the shareholders at the end of 2019 amounted to Dh7.5 billion, which represents 16.2 percent of the bank's total assets, an increase of Dh2.1 billion by the end of 2018, as a result of the bank's issuance of first-tier bonds of capital worth US$500 million (Dh1.8 billion).




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