Sharjah Islamic Bank Q3 profit declines 19 pc to AED102 mn

Total assets grow 15 pc to AED53.3 bn

BBN Report

SHARJAH/October 21: Sharjah Islamic Bank (SIB), one of the oldest Islamic banks in the country, reported a decline of 18.17 per cent in its net profit for the three-month period ending September 30, 2020, to AED102.18 compared with AED124.87 million a year earlier.

The bank under the chairmanship of Abdul Rahman Mohammed Nasser Al Owais reported a net profit of AED353.4 million for nine months ending September 30, 2020 against AED415.4 million a year earlier, thus representing a contraction of 14.9 per cent between the two periods.

Total assets

The total assets increased by AED6.9 billion to reach AED53.3 billion, an increase of 15 per cent during the nine-month period. Investments in Islamic financing increased by 17.5 per cent or AED4.4 billion to reach AED29.5 billion as of September 30.

Customer deposits of the bank during the said period experienced a growth of 19.4 per cent (AED5.3 billion) to reach AED32.6 billion. Net shareholders’ equity or net worth expanded marginally by 1.5 per cent to reach AED7.6 billion as of September-end.

The group issued sukuk amounting to $500 mllion (AED1.8 billion) during the financial year 2020.

 

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