SIB posts 7% profits increase

by This email address is being protected from spam bots, you need Javascript enabled to view it on Sunday, 19 April 2009

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NET PROFITS: Numbers hold up well - against global economic backdrop - at Sharjah Islamic Bank. (Getty Images)

Sharjah Islamic Bank posted net profits of 85 million dirhams in Q1, compared to 79.4 million in the same period last year, a 7% increase, the bank said on Saturday.

Net profit before distribution to depositors reached 159.0 million dirhams, a 12% increase compared to 141.5 million for the same period last year.

Total assets grew to reach 15.7 billion dirhams, an increase of 143.3 million dirhams since December 2008.

Meanwhile, customer deposits grew by 122.0 million dirhams to 9.2 billion dirhams, while net customer receivables hit 10.1 billion dirhams, compared to 10.2 billion last December.