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25
Feb '20

Sharjah Islamic Bank General Assembly proposes 10% dividend including 5% in cash and 5% of bonus shares

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Chaired by HE Abdul Rahman Al Owais

Sharjah Islamic Bank General Assembly proposes 10% dividend including 5% in cash and 5% of bonus shares

During Sharjah Islamic Bank's 44th General Assembly held on Saturday, headed by HE Abdul Rahman bin Mohammed Al Owais, Chairman of the Board of Directors, in the presence of the members of the Board and the executive management of the bank, distributing 10% of profits to the shareholders, including 5% in cash and 5% of bonus shares was approved after the bank achieved a net profit of AED545.5 million dirhams last year, an increase of 7% compared to 2018, where profits amounted to AED510.4 million dirhams.

The meeting was held in the Sharjah Chamber of Commerce and Industry and attended by a large number of shareholders from the bank, representatives of the Securities and Commodities Authority, and representatives of the Department of Economic Development in Sharjah. Consolidated financial statements for the fiscal year ending on December 31, 2019, were approved at the gathering.

HE Abdul Rahman Al Owais said, "The positive financial results of Sharjah Islamic Bank for 2019 reflect the bank's financial position and its reliable performance listed last June by credit rating agency Standard & Poor's which recorded the bank's long-term credit rating from BBB + to "A-". With a stable outlook, the bank's total assets have grown by 3.7% to reach 46.4 billion dirhams, compared to 44.7 billion dirhams at the end of 2018."

He added: "We expect this performance of Sharjah Islamic Bank to continue in 2020 amid expectations of a much stable banking sector, boasting of strong capital stocks and large liquidity, encouraging government spending plans,  continuation of large projects, and the continued economic growth at strong levels, according to the global rating agencies."

He extended his sincere gratitude to His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, for his support and generous gestures that have been a source of pride for the entire bank, with an elaborate history of more than four and a half decades. Al Owais also took the opportunity to thank His Highness the Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Chairman of the Executive Council for always backing the bank's activities.

The total operating income of the bank last year was AED1.9 billion dirhams compared to AED1.7 billion dirhams in 2018, an increase of AED187.3 million dirhams, equivalent to a rise of 11%. The net operating income last year amounted to AED1.3 billion dirhams compared to AED1.1 billion dirhams in 2018, an increase of 19.9%, equivalent to AED216.1 million dirhams. The general and administrative expenses reached AED585.4 million dirhams in 2019, compared to AED614.2 million dirhams in 2018, a decrease of AED28.9 million dirhams, or 4.7%.

Total shareholders' equity at the end of 2019 amounted to AED7.5 billion dirhams, which represents 16.2% of the bank's total assets, an increase of AED2.1 billion dirhams by the end of 2018, as a result of the bank's issuance of first-tier bonds of capital worth $500 million (AED1.8 billion dirhams). As the issuance process received a large turnout by investors at the regional and global levels, reflecting the strength of the bank and its financial solvency, the capital adequacy ratio reached 22.79% compared to 16.96% in 2018, thus exceeding the requirements of the Central Bank by 13.0%.

While deposits increased by 3.3%, equivalent to AED874.8 million dirhams, to reach AED27.3 billion dirhams, compared to AED26.4 billion dirhams at the end of 2018, liquid assets amounted to AED10.4 billion dirhams, equivalent to 22.4% of total assets, and Islamic financing facilities increased to AED25.1 billion dirhams. Last year, an increase of AED1 billion dirhams or 4.2% was recorded compared to AED24.1 billion dirhams in 2018.

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