Sharjah Islamic Bank records 7% higher profits in Q1-21

Bank's net income from financing and investment products jumped by 17.6%

  
A man walks past a Sharjah Islamic Bank branch on Sheikh Zayed road in Dubai January 11, 2012.

A man walks past a Sharjah Islamic Bank branch on Sheikh Zayed road in Dubai January 11, 2012.

REUTERS/Jumana El-Heloueh

Abu Dhabi - Sharjah Islamic Bank (SIB) reported a 6.8% increase in net profits attributable to the shareholders to AED 164.2 million during the first quarter (Q1) of 2021, compared to AED 153.7 million in the same quarter of 2020, according to the bank's condensed consolidated interim financial results for the period ended on 31 March 2021.

The bank's net income from financing and investment products jumped by 17.6% to AED 263.2 million in Q1-21 from AED 223.8 million in the year-ago period.

The bank's total operating income amounted to AED 343.6 million during the first three months of 2021, up 14.2% from AED 302.2 million in the corresponding period of 2020.                   

Meanwhile, the bank's total assets reached AED 54.919 billion as of 31 March 2021, up 2.5% from AED 53.6 billion as of 31 December 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.05 in Q1-21.

It is noteworthy to mention that in 2020, the bank's net profits decreased by 25.6% to AED 405.83 million from AED 545.53 million in 2019.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

© Mubasher 2021

More From Equities