Sunday 16, July 2017 by William Mullally

Sharjah Islamic Bank’s net profit rises by 6.2 per cent for the 1st half of 2017

Investment securities increase by 20.1 per cent to reach AED 4.9 billion at the end of the Q2 of 2017, when compared to the AED 4.1 billion at the end of December 2016.

Sharjah Islamic Bank (SIB) posted a net profit of AED 272.9 million for the first half of 2017 compared to AED 257 million for the same period last year (a 6.2 per cent increase). Total assets reached AED 36.9 billion at the end of the 2nd Quarter 2017, representing an increase of 10 per cent when compared to the AED 33.5 billion at the end of 2016.

Liquid assets reached AED 8.4 billion or 22.8 per cent of the balance sheet at the end of the second quarter of 2017, following a comparison to the AED 7.8 billion at the end of 2016. This reflects the strong liquidity position of the bank and the strength of its financial position. Net customer receivables of the bank amounted to AED 19 billion at the end of the second quarter of 2017, which is an increase of 11.2 per cent or AED 1.9 billion compared to the end of 2016.

Investment securities increase by 20.1 per cent to reach AED 4.9 billion at the end of the Q2 of 2017, when compared to the AED 4.1 billion at the end of December 2016.

Sharjah Islamic Bank was successful in attracting more deposits during the second quarter of the year as the total customer deposits reached AED 22.1 billion by the Q2 of 2017, growing by 3.8 billion or 20.7 per cent compared to AED 18.3 billion during the same time period last year.

On the bank’s statement of profit or loss, net Operating Income reached AED 480.1 million for the first half of 2017 compared to AED 435.5 million in the same period of 2016, which is an incredible increase of 10.2 per cent.

Return (annualised) on Average Shareholders’ Equity (ROAE) reached 10.94 per cent by the end of the second quarter of 2017, compared to 9.68 per cent at the end of December 2016, while Return (annualised) on Average Assets (ROAA) was 1.55 per cent by the end of 2017’s second quarter, when compared to 1.46 per cent at the end of December 2016.

Sharjah Islamic Bank is strongly capitalised; total shareholders’ equity reached AED 5.1 billion or 13.9 per cent of total assets and maintains a strong capital adequacy ratio of 20.61 per cent by the end of the second quarter of 2017.

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