SHARJAH- During the 44th General Assembly of the Sharjah Islamic Bank, SIB, held on Saturday, 10 percent of the profits were distributed to shareholders, including five percent in cash and five percent of bonus shares, approved after the bank reported a net profit of AED545.5 million last year, an increase of seven percent compared to 2018, when profits reached AED510.4 million.
The meeting was headed by Abdul Rahman bin Mohammed Al Owais, Chairman of the Board of Directors, in the presence of the members of the board and the executive management of the bank. The meeting was held at the Sharjah Chamber of Commerce and Industry and attended by a large number of shareholders from the bank, representatives of the Securities and Commodities Authority, and representatives of the Department of Economic Development in Sharjah.
Consolidated financial statements for the fiscal year ending on 31st December, 2019, were approved at the gathering. "The positive financial results of SIB for 2019 reflect the bank's financial position and its reliable performance, as listed last June by credit rating agency Standard & Poor's, which recorded the bank's long-term credit rating from BBB + to "A-". With a stable outlook, the bank's total assets grew by 3.7 percent to reach AED46.4 billion, compared to AED44.7 billion at the end of 2018," said Al Owais. He noted his gratitude to H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, for his support, and thanked H.H. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Chairman of the Executive Council, for continually supporting the bank's activities. The operating income of the bank in 2019 was AED1.9 billion, compared to AED1.7 billion in 2018, an increase of AED187.3 million, equivalent to a rise of 11 percent.
The net operating income last year amounted to AED1.3 billion compared to AED1.1 billion in 2018, an increase of 19.9 percent, equivalent to AED216.1 million. The general and administrative expenses reached AED585.4 million in 2019, compared to AED614.2 million in 2018, a decrease of AED28.9 million, or 4.7 percent. The total equity of the shareholders at the end of 2019 amounted to AED7.5 billion, which represents 16.2 percent of the bank's total assets, an increase of AED2.1 billion by the end of 2018, as a result of the bank's issuance of first-tier bonds of capital worth US$500 million (AED1.8 billion).
© Copyright Emirates News Agency (WAM) 2020.