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Sun 26 Apr 2020 05:40 PM

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Sharjah Islamic Bank posts 1.3% increase in net profits to $41.9m

During the period, the bank also repaid $136m sukuk from its own liquidity sources

Sharjah Islamic Bank posts 1.3% increase in net profits to $41.9m

Despite market volatility and instability in the global and regional capital markets on banking operations, SIB's financing facilities reached $7.7bn.

Sharjah Islamic Bank (SIB) has posted strong results for the first quarter of 2020, despite the economic crisis caused by the current coronavirus pandemic.

The bank has revealed net profits of AED153.7 million ($41.9m) for Q1, a 1.3 percent increase compared to the AED151.7m ($41.3m) announced in 2018, according to a report by Emirates News Agency (WAM).

Total assets reached AED49.3 billion ($13.4bn) at the end of March 2020, a 6.2 percent increase in comparison to AED46.4bn ($12.6bn) recorded at the end of 2019, while liquid assets reached AED9.7bn ($2.6bn) or 19.8 percent of total assets at the end of March 2020.

During the period, the bank also repaid $500m ($136m) sukuk from its own liquidity sources.

Despite market volatility and instability in the global and regional capital markets on banking operations, SIB's financing facilities reached AED28.2bn ($7.7bn), an increase of AED3.1bn ($844m) or 12.2 percent compared to AED25.1bn ($6.8bn) last year.

The bank successfully attracted more deposits during the quarter as customer deposits increased by 15.3 percent or AED4.2bn ($1.1bn) to reach AED31.5bn ($8.6bn) compared to AED27.3bn ($7.4bn) as of December 31, 2019.

Net operating income dropped to AED321.8m ($87.6m) in the first three months of 2020 compared to AED329.2m ($89.6m) in 2019, projecting a 2.3 percent or AED7.4m ($2m) decrease.

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