Sharjah Islamic Bank Q2 profit rises 26% to Dh257m

Sharjah Islamic Bank (SIB) posted a net profit of Dh257 million for the six month of 2016 compared to Dh204.6 million for the same period last year, an increase of 25.6 per cent.

Total assets reached Dh29.8 billion at the end of the second quarter 2016 compared to Dh29.9 billion at the end of 2015.

Liquid assets reached Dh6.4 billion or 21.5 per cent of total assets at the end of the second quarter 2016. Net customer receivable reached Dh15.8 million at the end of the second quarter 2016 compared to Dh16.3 billion at the end of 2015.

Investment securities surged by 48.9 per cent to reach Dh3.5 billion compared to Dh2.4 billion at the end of 2015.

Customer deposits reached Dh17.5 billion, growing by Dh526.3 million or 3.1 per cent, compared to Dh17 billion at the end of 2015.

During the second quarter, the bank repaid a sukuk of $400 million, through the banks own resources.

Return on Average shareholders’ equity (RoAE) reached 10.89 per cent by the end of the second quarter  2016 compared to 8.82 per cent at the end of December 2015, while Return on Average Assets (RoAA) was 1.72 per cent by the end of the second quarter 2016 compared to 1.47 per cent at the end of December 2015.

Total shareholders’ equity reached Dh4.7 billion or 15.9 per cent of total assets with a capital adequacy ratio equal to 21.93 per cent by the end of the second quarter of 2016.

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