Sharjah Islamic Bank (SIB) recorded an increase of 26.6 percent in its yearly net profit to reach AED650.9 million for 2022, compared to AED514.1 million in the previous year.
The bank also reported an increase in operating profits by 17.4 percent, reaching AED998.3 million in 2022, compared to AED850.7 million in the previous year.
The bank said despite the continuous rise in global interest rates and inflation rates in addition to fierce competition in the business environment, its adaptive and flexible strategy helped it to achieve strong financial results.
Sharjah Islamic Bank’s rising profits
The bank’s net income from financing and investment products increased by 10.9 percent, or AED119.1 million, to reach AED1.2 billion in 2022, while net fees, commissions and other income increased by 18.8 percent to reach AED395.8 million last year.
The bank also saw an increase in total assets by 7.6 percent to reach AED59.1 billion by 31st December 2022, compared to AED55.0 billion in 2021.
The bank said it maintained a strong liquidity ratio to enhance the financial position, reaching AED14.1 billion, or 23.9 percent to the total assets.
The bank’s financing-to-deposit ratio reached 77.6 percent, reflecting its stable liquidity position.
The Sharjah Islamic Bank’s board of directors proposed a cash dividend of 10 percent, and 5 percent bonus share, subject to approval by the general assembly meeting.
Follow us on
