Sharjah Islamic Bank (SIB) recorded a net profit for the first half of AED251.2 million ($68.39 million), compared to AED290.5 million during the same period last year, a decrease of 13.5 percent. 

 

The bank recorded an 8.6 percent increase in its operating profit, which amounted to AED332.3 million in H1 2020, compared to AED305.9 million for the same period last year. 

 

This net profit decline was a result of the increase in net provisions for impairment, which amounted to AED81.1 million, compared to AED15.3 million for the same period last year. 

 

The bank’s total assets stood at AED52.7 billion at the end of June 2020, a growth of 13.5 per cent compared to AED46.4 billion at the end of 2019.

 

The bank continued to diversify its financing facilities portfolio across different economic sectors in accordance with its prudent credit policy that takes into consideration the effects of the prevailing market volatility and instability in global and regional capital market on banking operations. Financing facilities reached AED29.7 billion, an increase of AED3.9 billion or 15.6 percent compared to AED25.1 billion last year.

 

SIB attracted more deposits during the period as customer deposits increased by 18 percent, to reach AED32.2 billion compared to AED27.3 billion at the end of 2019. - TradeArabia News Service