Finance & Capital Market

Sharjah Islamic Bank to distribute 8pc cash dividends for 2020

Sharjah Islamic Bank said it has agreed to distribute 8 per cent in cash dividends to shareholders, after the bank achieved net profits of AED405.8 million ($110 million) net profit for 2020. 
Its total assets grew by 15.5 per cent to hit AED53.6 billion ($14.6 billion) from AED46.4 billion ($12.6 billion) by the end of 2019.
The announcement came as the bank held its 45th General Assembly virtually under the chairmanship of Abdul Rahman Al Owais in the presence of the members of the board and the executive management of the bank.
Al Owais said: "The positive financial results of Sharjah Islamic Bank for 2020 reflect the strength of its performance in light of the unprecedented exceptional economic conditions that the world is going through amidst the Covid-19 pandemic."
"The bank was rated positively by Standard & Poor's, improving its rating from "BBB +" to "A-" with a stable outlook on the balance sheet side. During 2020, our total assets grew by 15.5% to reach AED53.6 billion compared to AED46.4 billion by the end of 2019," he noted.
According to him, Sharjah Islamic Bank is an integral part of the economic environment of the UAE. 
"We are therefore keen to achieve the vision and aspirations of our wise leadership and help pave the way towards economic recovery in light of the challenges faced in 2020," stated Al Owais. 
Sharjah Islamic Bank, he stated, enjoys a strong capital base, with total shareholders' equity at the end of December 2020 reaching AED 7.6 billion, which represents 14.3 percent of the bank's total assets, and thus the capital adequacy ratio according to Basel 3 decisions reached 21.46 percent.
"We continue to contribute to establishing a strong digital economy and expanding innovative technological services, with the aim of improving service for our customers according to the highest standards and practices," he added.-TradeArabia News Service