Sharjah Islamic Bank (SIB) announced an increase in its net profit by 25.8%, amounting to AED 622.4 million for the first six months of 2024, compared to AED 494.6 million for the same period of the previous year. Net profit after tax amounted to AED 566.2 million by the end of the first half of 2024, an increase of 14.5%.

The overall revenue increase is due to SIB’s strong core performance, focus on the SIB’s customer-centric approach, and the introduction of multiple new high-profit-oriented customized products.

Total income on financing and investment products increased by 22.8%, or AED 327.8 million, reaching AED 1.8 billion for the first half of 2024, up from AED 1.4 billion for the same period last year.

Net fees, commissions and other income grew by 20.6% to reach AED 294.1 million, compared to AED 243.8 million for the same period in the previous year.

General and administrative expenses amounted to AED 339.4 million at the end of the first half of 2024, up from AED 315.7 million for the same period in 2023. Despite this increase of AED 23.7 million, cost to income ratio improved to 33.0% for the six month period ended 30 June 2024 as compared to 34.7% for the year ended 31 December 2023.

The Group reduced its provisions to AED 67.3 million for the six-month period ending 30 June 2024, down from AED 154.2 million for the same period last year. This decrease is due to improved asset quality and a more favorable economic environment, which have reduced the need for higher provisions.

The total assets of the Group stands at an amount of AED 74.2 billion as at 30 June 2024, with an increase of AED 8.4 billion or 12.7%,compared to AED 65.9 billion at the end of the previous year. The Group maintains a strong liquidity, amounting to AED 17.0 billion, representing 22.9% of the total assets, compared to 20.8% of the total assets at the end of the previous year.