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Feb '18

Sharjah Islamic Bank’s ordinary general assembly meeting approves cash dividend of 8% for 2017


Sharjah Islamic Bank’s ordinary general assembly meeting approves cash dividend of 8% for 2017


Sharjah Islamic Bank’s Ordinary General Assembly annual meeting on February 10, 2018 approved the consolidated financial statements for the year ended 31st December 2017. The meeting was held at Al Majara Hall, Sharjah Chamber of Commerce and Industry under the chairmanship of HE Abdul Rahman Al Owais, Chairman of Sharjah Islamic Bank, in the presence of the members of the board of directors, the executive management, shareholders and senior officials from the UAE’s banking and financial sector.


During the meeting, the Ordinary General Assembly also approved a cash dividend of 8 per cent of the nominal value of the shares, following the bank’s announcement of a net profit of AED 477.7 million by the end of 2017 compared to 462.9 million reported for 2016. This represents earnings per share increased to AED 0.18 compared to AED 0.17 declared in the previous year.


In his remarks on the annual financial results, HE Abdul Rahman Al Owais, Chairman of Sharjah Islamic Bank, commented: “The bank’s positive financial results in 2017 are consistent with the goals and strategies approved by the bank’s board. They reflect the strong financial position and high performance in the various activities of the bank.”


Al Owais emphasised that the bank’s strong financial position coupled with customers’ confidence helped the bank’s ability to maintain its rating by international credit rating agencies, with a positive outlook. This positive trend enabled the bank to win numerous local, regional and international awards. We are proud of the achievements and results of the bank in 2017, thanks to God’s help and continuous efforts of the bank’s management and staff.


The Balance Sheet of the bank has reflected robust performance, and sound financial position resulting in total assets jumped by 14% to AED 38.3 billion at the end of December 2017.


The Bank has also strengthened its financial position and expanded its capital base. The Bank has increased its capital base since the beginning of the year twice, firstly through the distribution of bonus shares of AED 242.6 million to the shareholders during the first quarter of the year as dividends for 2016, and secondly through the issuance of convertible sukuk into ordinary shares amounting to AED 266.8 million in the fourth quarter of 2017.


The Bank's capital increased to AED 2.9 billion and total shareholders' equity to AED 5.5 billion. The capital adequacy ratio, according to Basel II requirements, reached 21.14% at the end of the year, despite the significant increase in the total assets. Thus, Sharjah Islamic Bank maintains its position at the forefront of regional and international banks in terms of capital adequacy ratio.


Diversifying the use of funding resources, customers’ financing facilities reached AED 21.7 billion at the end of 2017 compared to AED 17.1 billion at the end of 2016, showing an increase of 27%.  Besides, the bank’s investments increased by 23% to reach AED 5.0 billion compared to AED 4.1 billion at the end of 2016.


Throughout the year, Sharjah Islamic Bank expanded its customer base and experienced growth rates in attracting more customer deposits of all types. The balance of customer’s deposits reported commendable growth of 22%, to reach AED 22.3 billion as at 31st December 2017 compared to AED 18.3 billion at the end of 2016.


Accordingly, Lending to Stable Deposits ratio reached 79.8%, that is well below the UAE Central Bank’s requirements, which enhances the Bank's ability to achieve high growth rates and its competitive ability to diversify its financing activities for all economic sectors and boost its income stream.


On the statement of profit and loss side, total income reached AED 1.49 billion in 2017, with an increase of 8.4% compared to AED 1.37 billion in the previous year. In addition, the net operating income reached AED 933.8 million, with an increase of 4.9% compared to AED 890.4 million in 2016.


Al Owais expressed his gratitude to His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, the First Supporter of the Economic Movement in the Emirate and thanked him for his continuous praising of the bank at various forums. He also extended his thanks to His Highness Sheikh Sultan bin Mohamed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Chairman of the Executive Council, for his constant support and encouragement to the bank.


The Chairman of the Board also extended his thanks and gratitude to all customers and shareholders for their support to the bank, the members of the Board of Directors, and Excellencies, the Chairman and members of the Fatwa and Shari'a Supervisory Board, the Executive Management, and all the employees of the bank for their sincere efforts.

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