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Sharjah Islamic Bank's net profit rises 5.9% for the 1st Quarter 2017

Sharjah Islamic Bank's net profit rises 5.9% for the 1st Quarter 2017


16th April 2017

Sharjah Islamic Bank (SIB) posted a net profit of AED 139.1 million for the first quarter of 2017 compared to AED 131.4 million for the same period last year, a 5.9 % increase. Total assets reached AED 34.6 billion at the end of the 1st Quarter 2017 compared to AED 33.5 billion at the end of 2016.

Liquid assets reached AED 8.1 billion or 23.5% of the Balance Sheet at the end of the 1st  Quarter 2017 compared to AED 7.8 billion or 23.4% at the end of 2016, reflecting the strong liquidity position of the Bank and the strength of its financial position. Net customer receivables of the bank amounted to AED 17.6 billion at the end of the 1st Quarter 2017, an increase of 2.9% or AED 490.8 million compared to the yearend 2016.

Investment securities increase by 8.5% to reach AED 4.5 billion at the end of the 1st Quarter 2017 compared to AED 4.1 billion at the end of December 2016.

Sharjah Islamic Bank was successful in attracting more deposits during the 1st quarter of the year as the total customer deposits reached AED 19.7 billion by the end of the 1st   Quarter 2017, growing by 1.4 billion or 7.6% compared to AED 18.3 billion at the year end of 2016.

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On the Bank’s statement of profit or loss, net Operating Income reached AED 237.8 million compared to AED 219.2 million in the same period 2016, an increase of 8.5%.

Return (annualized) on Average Shareholders’ Equity (ROAE) reached 11.28% by the end of the 1st Quarter  2017 compared to 9.68% at the end of December 2016, while Return (annualized) on Average Assets (ROAA) was 1.63% by the end of the 1st  Quarter 2017 compared to 1.46% at  the end of December 2016.

Sharjah Islamic Bank is strongly capitalized. Total shareholders’ equity reached AED 5.0 billion or 14.5% of total assets by the end of the 1st Quarter 2017., and maintain a strong capital adequacy ratio of 21.04% by the end of the 1st Quarter 2017.

-Ends-

© Press Release 2017

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