follow us on twitter
Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Sbot
Home / Features / Sharjah Islamic Bank net profits rise by 10.5% to AED397 million in 9 months
Special Features

Sharjah Islamic Bank net profits rise by 10.5% to AED397 million in 9 months

Sharjah Islamic Bank (SIB) has announced robust financial results despite economic challenges for the first nine months of 2018 declaring net profits at AED397.7 million compared to AED360 million declared during the same period last year, showing a 10.5% increase. Total assets of the Shariah-compliant bank reached AED44 billion at the end of September 2018 compared to AED38.3 billion reported at the end of December 2017, representing an increase of 14.9%.

The bank said customer financing reached AED22.9 billion at the end of September 2018 compared to AED21.7 billion at the end of December 2017, showing an increase of 5.7%. Also, investment in securities, which mainly represents an investment in sovereign and investment grade rated tradable Sukuk, increased significantly by 27.1% to reach AED6.4 billion compared to AED5 billion at the end of 2017.

Moreover, the bank continues its strategy to maintain liquid assets ratio above 22% of the total assets and has reached the level of AED10 billion or 22.7% at the end of September 2018, resulting in strong liquidity position.

Despite tight liquidity situation during the year, the bank successfully attracted more customer deposits during 2018 with AED4.7 billion increase. Customers’ deposits increased by 21.2% to AED27 billion during the first nine months of 2018 compared to AED22.3 billion declared at the end of 2017.

The Bank’s net operating income reached AED815.4 million during January to September 2018 compared to AED696.5 million in the same period in 2017, showing an increase of 17.1%.

SIB’s performance reflected positively on the financial indicators. Its capital adequacy ratio stood at 18.29%, much higher than the UAE Central Bank requirement under Basil III at 10.5%. The bank’s Non-Performing Loans (NPL) coverage ratio has improved to reach 122% of the NPLs in 2018 compared to 99.8% by the end of 2017.

Return (annualised) on Average Shareholders’ Equity (ROAE) reached 9.76% by the end of the 3rd Quarter 2018 compared to 9.21% at the end of December 2017, while Return (annualised) on Average Assets (ROAA) was 1.29% by the end of the 3rd quarter of 2018 compared to 1.33% at the end of December 2017.

  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     


View Special Features by Category
Airlines & Airports
Art & Gallery
Banks & Financial sector
Business
Car Industry
Dubai Government
Dubai Metro
E-Guides
Eco-Friendly
Education & Institutions
Electronics
Entertainment
Events & Occassions
Exhibition Center
Family Shows
Food & Beverages
Free Zones
Golf Clubs
Government Departments
Health & Fitness
History & Culture
Home/Furnishing/Interiors
Hospitals & Clinics
Hotels & Hospitality
Identity cards
Internet Services
Media & News
Mortgage
Music
Online Food Service
Online Store
Organisations
Other
Other Emirates
Parks & Beaches
Precious Metals
Real Estate & Property
Religion & Culture
Resorts & Clubs
Restaurants
Shopping Malls
Spas
Special Centres, Groups & Communities
Sports & Events
Sports Bars
Technology
Trade Fair
Travel & Leisure
UAE Market News
VIP Services
Wedding Planners

Back to top





rss feed
RSS Feeds
Get the latest
Sharjah Blog
Sharjah Blog
Your space, your voice
sitemap
Sitemap
SCG at a glance