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21
Oct '18

Sharjah Islamic Bank net profits rose by 10.5% for nine month 2018

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Sharjah Islamic Bank (SIB) has announced its nine month 2018 a good financial results despite the Economic challenges with a net profits of AED 397.7 million compared to AED 360.0 million same period last year; a 10.5% increase.

Total assets reached AED 44.0 billion at the end of the September 2018 compared to AED 38.3 billion at the end of 2017, representing an increase of 14.9%.

On the asset side of the balance sheet, customer financing reached AED 22.9 billion at the end of September 2018 compared to AED 21.7 billion at the end of 2017, an increase of 5.7%. Also investment in securities, which mainly represent investment in sovereign and investment grade rated tradable Sukuk, increased significantly by 27.1% to reach AED 6.4 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 22.7% at the end of September 2018. 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 27.0 billion growing by AED 4.7 billion or 21.2% compared to AED 22.3 billion at the end of 2017.

On the Bank’s statement of profit or loss, net Operating Income reached AED 815.4 million for nine month of 2018 compared to AED 696.5 million in the same period 2017, an increase of 17.1%.

SIB`s performance reflected positively on the financial indicators. Capital adequacy ratio stood at 18.29%. According to Basil 3 (Central Bank of UAE minimum requirement is 10.5%). Non-performing receivables/NPL’s coverage ratio has improved to reach 122.0% of the NPL’s in 2018 as compared to 99.8% by end of 2017.

Return (annualized) on Average Shareholders’ Equity (ROAE) reached 9.76% by the end of the 3rd  Quarter  2018 compared to 9.21% at the end of December 2017, while Return (annualized) on Average Assets (ROAA) was 1.29% by the end of the 3rd  Quarter 2018 compared to 1.33% at  the end of December 2017.

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