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Oct 19 2011

Sharjah Islamic Bank 3Q Net Pft Up 11% At AED81.4 Mln Vs Yr Ago

Wednesday, Oct 19, 2011

(This item was originally published on Tuesday.)

DUBAI (Zawya Dow Jones)-- Sharjah Islamic Bank , or SIB , said Tuesday its third quarter net profit rose 11% to 81.4 million U.A.E. dirhams ($22.26 million), from AED73.1 million in the year earlier period.

For the nine-month period the bank made a net profit of AED204.7 million, up 7% from AED191.6 million in 2010, the lender said in a statement on the Abu Dhabi bourse website.

Income from murahaba and leasing activities rose to AED191.4 million from AED179.8 million, the bank's income statement showed.

Earnings per share for the third quarter was AED0.03, unchanged from the year earlier period, the bank said.

In May, the bank issued a five-year Islamic bond, or sukuk, worth $400 million which it plans to use to support its strategic growth plans.

SIB shares closed flat at AED0.91 Tuesday.

-By Brinda Darasha, Dow Jones Newswires; +9714 446-1688; Brinda.Darasha@dowjones.com

Copyright (c) 2011 Dow Jones & Co.

(END) Dow Jones Newswires

19-10-11 0352GMT

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