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Sharjah Islamic Bank’s Net Profit Rises To 415.4 Million In The First Nine Months Of 2019

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Sharjah Islamic Bank (SIB) achieved a net profit of AED 415.4 million for the first nine months of 2019 compared to AED 397.7 million for the same period last year. The project increase was reported at 4.5 percent. The Bank’s total assets reached AED 45.6 billion at the end of the 3rd quarter of 2019, with an increase of AED 890.2 million from December 31, 2018.

On the assets side, total customer financing reached AED 25.4 billion at the end of the 3rd quarter of 2019 compared to AED 24.1 billion at the end of 2018, an increase of AED 1.3 billion or 5.3 percent.

The Bank has continued to pursue its conservative strategy of keeping the liquidity level above 20 percent of total assets. As a result, liquid assets reached AED 9.3 billion or 20.5 percent of total assets by the end of the third quarter of 2019.

On the liabilities side, customer deposits stabilized during the year to reach AED 26.9 billion, with an increase of AED 412.5 million or 1.6 percent compared with last year-end.

Net operating income reached AED 980.5 million at the end of the third quarter this year compared to AED 815.4 million in the same period of 2018, an increase of AED 165.1 million or 20.2 percent.

Sharjah Islamic Bank has a strong capital base. Total shareholders’ equity at the end of the third quarter this year reached AED 7.5 billion, representing 16.4 percent of the Bank’s total assets with an increase of AED 2.1 billion mainly due to issuance of Tire 1 Sukuk during the third quarter amounting to USD 500 million (AED 1.8 billion).

Issuance of Tire 1 Sukuk attracted international investors from Singapore, Hong Kong and London. This reflects the strong strength of the Bank and its financial solvency, attracting major institutions and individuals globally for this sukuk. The capital adequacy ratio during the year reached 22.03 percent.

Towards the second quarter 2019, S&P international rating agency had raised the long-term credit rating of SIB from “BBB+” to “A- Stable”.

These results have come to embrace our previous achievements reinforcing strong solvency, while entrenching the capital base of the bank, which could only have been achieved owing to proper planning and adoption of prudent policies in investing funds.