SHARJAH ISLAMIC BANK’S 1ST QUARTER PROFITS RISE TO AED 139.1 MILLION (USD 37.88 MILLION)

SHARJAH, United Arab Emirates, Apr 17 (NNN-WAM) – Sharjah Islamic Bank, SIB, booked a net profit of AED 139.1 million (USD 37.88 million), for the first quarter of 2017, a 5.9 percent growth compared to AED 131.4 million (USD 35.78 million), in the same period last year.

The bank’s total assets amounted to AED 34.6 billion (USD 9.42 billion) at the close of the first quarter of 2017, compared to AED 33.5 billion (USD 9.12 billion), at the end of 2016.

The net operating income reached AED 237.8 million (USD 64.75 million), in the first quarter of 2017, up 8.5 percent compared to AED 219.2 million (USD 59.69 million), in the same period last year.

Net customer receivables of the bank amounted to AED 17.6 billion (USD 4.79 billion), at the end of the first quarter of 2017, an increase of 2.9 percent compared to the year ending 2016.

The bank’s customer deposits surged 7.6 percent to AED 19.7 billion (USD 5.36 billion), during the first three months of 2017, from AED 18.3 billion (USD 4.98 billion), at the year-end 2016.

SIB reported strong capital adequacy ratio 21.04 percent, at the close of the first quarter of 2017.– NNN-WAM

Source: NAM News Network