Sharjah Islamic Bank announces a 33.5% rise in Net Profits to reach AED 295 million for the 3rd Quarter of 2014

Press release

Published October 22nd, 2014 - 08:56 GMT

Al Bawaba

Sharjah Islamic Bank announced its nine month of 2014 results with Net Profits reaching AED 295 million, compared to 221 million achieved in the same period last year, a 33.5% growth rate.

Net customer facilities reached AED 13.9 billion rising by AED 1.4 billion, a 11.3% increase since December 2013 and customer deposits reached AED 14.2 billion rising by AED 2.2 billion or 18.9% growth since Dec 2013. Total Assets reached AED 24.4 billion, growing by 12.4% since Dec 2013.

Liquid assets reached AED 5.7 billion or 23.4% of the total assets compared to AED 5.1 billion or 23.6% at the end of 2013.

SIB shareholder’s equity of 4.6 billion represents 18.6 per cent of the total balance sheet footing; maintaining a strong capital adequacy ratio of 25.3% by the end of September’14 reflecting the bank’s strong capital base and strong financial position that enables the Bank to achieve its strategic objectives.

Background Information

Sharjah Islamic Bank

We believe in our vision and values just as strongly today as we did the first time we put them on paper more than 30 years ago.

Sharjah Islamic Bank (SIB) started servicing the society in 1975; providing banking services to individuals and companies. An Amiri decree; released by His Highness Dr. Sheikh Sultan Bin Mohamed Al Qassimi the member of the Supreme Council & Ruler of Sharjah, was issued to launch & green-light the bank’s expedition. The bank was originally founded as National Bank of Sharjah and was suited the first bank to convert to Islamic Banking in 2002.