Media ININ Economy We Trust
Media In – Sharjah 20 October 2018 / WAM
Sharjah Islamic Bank achieved a net profit of AED 397.7 million for the first nine months of this year compared to AED 360.0 million for the same period last year, an increase of 10.5%. The Bank’s total assets increased by 14.9 percent to reach 44.0 billion dirhams at the end of the third quarter of this year compared to 38.3 billion dirhams at the end of 2017. Total facilities granted to customers reached AED 22.9 billion at the end of the third quarter of 2018 compared to AED 21.7 billion at the end of 2017, an increase of 5.7 percent. The Bank’s investments increased by 27.1 percent to reach AED 6.4 billion compared to AED 5.0 billion at the end of 2017, In sovereign sukuk and high rated instruments. As a result, the Bank continued to pursue its conservative strategy to keep liquidity above 22 per cent of total assets. Liquid assets amounted to AED 10.0 billion, or 22.7 per cent of total assets at the end of the third quarter of 2018. On the liabilities side, the bank achieved a great success in attracting more customer deposits during the year. Total customer deposits reached AED 27.0 billion, an increase of AED 4.7 billion or 21.2 percent compared to AED 22.3 billion at the end of 2017. The bank’s net operating income reached AED 815.4 million at the end of the third quarter compared to AED 696.5 million for the same period of 2017, an increase of 17.1%. These results have been positively reflected on the Bank’s financial solvency indicators, with a capital adequacy ratio of 18.29% in accordance with Basel III, which is well above the minimum requirement of 10.5% for the Central Bank of the UAE.
