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17
Jul '17

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

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

 

Sharjah Islamic Bank (SIB) posted a net profit of AED 272.9 million for the first half of 2017 compared to AED 257.0 million for the same period last year, a 6.2 % increase. Total assets reached AED 36.9 billion at the end of the 2nd Quarter 2017 an increase of 10% compared to AED 33.5 billion at the end of 2016.

Liquid assets reached AED 8.4 billion or 22.8% of the Balance Sheet at the end of the 2nd  Quarter 2017 compared to AED 7.8 billion or 23.4% at the end of 2016, reflecting the strong liquidity position of the Bank and the strength of its financial position. Net customer receivables of the bank amounted to AED 19.0 billion at the end of the 2nd Quarter 2017, an increase of 11.2% or AED 1.9 billion compared to the yearend 2016.

Investment securities increase by 20.1% to reach AED 4.9 billion at the end of the 2nd Quarter 2017 compared to AED 4.1 billion at the end of December 2016.

Sharjah Islamic Bank was successful in attracting more deposits during the 2nd  quarter of the year as the total customer deposits reached AED 22.1 billion by the end of the 2nd   Quarter 2017, growing by 3.8 billion or 20.7% compared to AED 18.3 billion at the year end of 2016.

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 2016, an increase of 10,2%.

Return (annualized) on Average Shareholders’ Equity (ROAE) reached 10.94% by the end of the 2nd Quarter  2017 compared to 9.68% at the end of December 2016, while Return (annualized) on Average Assets (ROAA) was 1.55% by the end of the 2nd  Quarter 2017 compared to 1.46% at  the end of December 2016.

Sharjah Islamic Bank is strongly capitalized. Total shareholders’ equity reached AED 5.1 billion or 13.9% of total assets by the end of the 2nd  Quarter 2017., and maintain a strong capital adequacy ratio of 20.61% by the end of the 2nd  Quarter 2017.

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