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Sharjah Islamic Bank net profit up 23%

By Wam

Sharjah Islamic Bank has announced its 2014 results with net profits surging 23 per cent to Dh377.2 million from Dh307.1 million last year.
Total income increased to Dh1.16 billion compared to Dh921.2 million for the last year with an increase of 26 per cent, and an increase of net operating income to Dh729.4 million compared to Dh534.0 million for the last year, an increase of 37 per cent.
Net customer facilities reached Dh14.5 billion rising by Dh2.0 billion, a 15.6 per cent increase since December 2013 and customer deposits reached Dh14.6 billion rising by Dh2.7 billion or 22.6 per cent growth since December 2013. Total assets reached Dh26.0 billion, growing by 19.7 per cent since December 2013.
Liquid assets reached Dh6.3 billion or 24.1 per cent of the balance sheet at the end of 2014 compared to Dh5.1 billion or 23.6 per cent at the end of 2013.

SIB shareholder’s equity of Dh4.6 billion represents 17.6 per cent of the total balance sheet footing, maintain a strong capital adequacy ratio of 23.92 per cent according to Basel II by the end of December.
Mohamed Abdullah, CEO of Sharjah Islamic Bank commented, '"The year results for 2014 show strong financial performance in all aspects of the bank's core businesses as well as in its subsidiaries. This is a reflection of the success of the efforts undertaken to execute our strategic objectives."