Sharjah Islamic Bank’s net profits up 4% in

SHARJAH, Sharjah Islamic Bank (SIB) has achieved a net profits of AED 283.0 million of the first half 2018 compared to AED 272.9 million same period last year; a 4 percent increase.

According to first half 2018 financial results, total assets reached AED 42.8 billion at the end of the first half 2018 compared to AED 38.3 billion at the end of 2017, representing an increase of 12 percent.

On the asset side of the balance sheet, customer financing reached AED 22.6 billion at the end of the first half 2018 compared to AED 21.7 billion at the end of 2017, an increase of 4.1 percent. Also investment in securities, which mainly represent investment in sovereign and investment grade rated tradable Sukuk, increased significantly by 20 percent to reach AED 6.0 billion compared to AED 5.0 billion at the end of 2017.

As part of the SIB’s ongoing strategy to continue to diversify the funding sources, the bank has successfully issued a new five years Sukuk of USD 500 million during April 2018, as part of USD 3 billion medium terms Sukuk approved program. SIB currently has three outstanding Sukuk totaling USD 1.5 billion.

Source: Emirates News Agency