Sharjah Islamic Bank's net profit rises by 6% in Q1 2019

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SHARJAH - Sharjah Islamic Bank, SIB, reported a six percent increase in its net profit, amounting to AED151.7 million in the first quarter of 2019, compared to AED143.1 million reported for the same period last year.

The Bank's total assets reached AED42.8 billion at the end of March quarter with the same level achieved by the end of 2018.

Total customers financing reached AED24.5 billion during January to March period this year compared to AED24.1 billion at the end of 2018 with an increase of AED357.1 million or 1.5 percent.

As a result, the Bank continued to pursue its conservative strategy to keep the liquidity level above 20 percent of the total assets. Liquid assets reached AED9.4 billion or 21 percent of the total assets by the end of the first quarter of 2019.

Customer deposits stabilised during the year to reach AED26.4 billion, to settle at the same level of last year.

Net operating income declared at AED329.2 million at the end of the first quarter compared to AED 254.8 million in the same period of 2018, showing an increase of AED74.4 million or 29.2 percent.

Return (annualised) on average shareholders' equity increased to 11.32 percent at the end of the first quarter of this year compared to 9.36 percent at the end of December 2018. Return (annualised) on average assets witnessed an increase of 1.36 percent at the end of the first quarter compared to 1.23 percent at the end of December 2018.

In a statement that bank said that it has a strong capital base. Total shareholders' equity at the end of the first quarter of this year reached AED5.4 billion, representing 11.94 percent of the bank's total assets and a capital adequacy ratio of 16.62 percent.