Sharjah Islamic Bank records AED 415.4 million net profit in Q3 2019

BLOOMBERG/CHRISTOPHER PIKE

Sharjah Islamic Bank (SIB) has recorded AED 415.4 million net profit in Q3 2019, a 4.5 per cent increase compared to AED 397.7 million for the same period last year.

The Shari’ah compliant bank's total assets reached AED 45.6 billion in Q3 2019, achieving an AED 890.2 million increase compared to Q3 2018. Additionally, total customer financing reached AED 25.4 billion in Q3 2019 compared to AED 24.1 billion the same period last year, a 5.3 per cent increase.

SIB has continued to pursue its strategy of keeping the liquidity level above 20 per cent of total assets, as a result, liquid assets reached AED 9.3 billion of total assets in Q3 2019.

Similarly, the lender stated that customer deposits stabilised during the year to reach AED 26.9 billion, an AED 412.5 million increase compared with the same period last year. Net operating income reached AED 980.5 million in Q3 2019 compared to AED 815.4 million the same period in 2018, an increase of AED 165.1 million.

The bank boost of a strong capital base, total shareholders' equity in Q3 2019 reached AED 7.5 billion, representing 16.4 per cent of the SIB’s total assets with an increase of AED 2.1 billion due to the issuance of Tire 1 Sukuk amounting to $500 million (AED 1.8 billion).