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01
May '18

Sharjah Islamic Bank net profits rose to reach 143.1 million for the first quarter 2018

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Sharjah Islamic Bank net profits rose to reach 143.1 million for the first quarter 2018

Sharjah Islamic Bank (SIB) has announced its first quarter 2018 financial results and achieved a net profits of AED 143.1 million of the first quarter 2018 compared to AED 139.1 million same period last year; a 3% increase.

Total assets reached AED 42.4 billion at the end of the first quarter 2018 compared to AED 38.3 billion at the end of 2017, representing an increase of 11%.

 

On the asset side of the balance sheet, customer financing reached AED 22.0 billion at the end of the first quarter 2018 compared to AED 21.7 billion at the end of 2017, an increase of 1.1%. Also investment in securities, which mainly represent investment in sovereign and investment grade rated tradable Sukuk, increased significantly by 19% to reach AED 6.0 billion compared to AED 5.0 billion at the end of 2017.

 

Moreover, SIB continues its strategy to maintain liquid assets ratio above 22% of total assets and has reached AED 10.0 billion or 23.6% at the end 2016. As an evidencing strong liquidity position.

 

On the liability side, despite the tight liquidity during the year, SIB successfully attracted more customer deposits during the year to reach AED 25.5 billion growing by AED 3.2 billion or 14.1% compared to AED 22.3 billion at the end of 2017.

 

As part of the SIB’s ongoing strategy to continue to diversify the funding sources, the bank has successfully issued a new five years Sukuk of USD 500 million during April 2018, as part of USD 3 billion medium terms Sukuk approved program. SIB currently has three outstanding Sukuk totaling USD 1.5 billion.

 

This transaction is testament of investors’ confidence on our long term operating model and business strategy, and this transaction represents another key milestone in the bank growth strategy.

Shareholders’ equity reached AED 5.1 billion or 12.0% of total assets.

Non-performing receivables/NPL’s coverage ratio has improved to reach 121.7% of the NPL’s in 2018 as compared to 99.8% in 2017.

 

On the income statement side, despite the impact of SIB’s improved coverage ratio, the adoption of IFRS9 SIB reported a net profit of AED 143.1 million for the first quarter 2018 compared to AED 139.1 million in same period 2017.

As a result of these achievements, Return on Average Shareholders’ Equity (ROAE) reached 10.77% by the end of the first quarter 2018 compared to 9.21% in 2017, while Return on Average Assets (ROAA) stood at 1.42% by the end of first quarter 2018  compared to 1.33% in 2017.

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