SIB net at Dh272m in 2012

Sharjah Islamic Bank's (SIB) general assembly hailed the significant role played by Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, chairman, during his 18-year tenure as  chairman since 1995 and accepted his apology for being unable to continue as chairman of SIB.

The bank's general assembly also approved the financial results for the fiscal year ended December 31, 2012, and approved the board's proposal of distributing six per cent cash dividend, amounting to Dh145.5 million.

This statement was made during 37th meeting of the general assembly, which was held at the Sharjah Chamber of Commerce and Industry's headquarters to present the annual report and financial results of 2012.

Sheikh Sultan apologised for being unable to retain his position as a chairman of Sharjah Islamic Bank, giving a chance to national leaders to fill this position.

Speaking on the occasion, Sheikh Sultan said: "As I am satisfied now with the strong financial position and administrative structure of Sharjah Islamic Bank, it is time to step down and give other qualified national talents a chance."

The annual report detailing the financial results for 2012 was presented during the board meeting. Sharjah Islamic Bank achieved a net profit of Dh272 million, an eight per cent growth as compared to the Dh251.1 million achieved in 2011.

The Sharjah Islamic Bank's balance sheet grew with total assets of Dh18.3 billion in 2012, compared to Dh17.7 billion in 2011, an increase of three per cent. Total liquid assets reached Dh4.2 billion which represents 23 per cent of the total assets. Net customer receivables reached Dh10.7 billion compared to Dh10.4 billion in 2011, with a growth of three per cent, reflecting the bank's conservative policy in the light of changes and risks in various economic sectors.

Customer deposits reached Dh11.3 billion by end of 2012, nine per cent growth as compared to the Dh10.4 billion which was reported in 2011. Total shareholder equity amounted Dh4.4 billion, equivalent to 24 per cent of the total assets.

The assembly approved to authorise the board of directors to take all the necessary measures to facilitate the issuance of the bank's non-transferable long term Sukuk.

Sharjah Islamic Bank was assigned BBB+ from Fitch Ratings, Standard & Poor's Ratings Services and Capital Intelligence. 

During the tenure of Sheikh Sultan bin Mohammed bin Sultan Al Qasimi as  chairman of Sharjah Islamic Bank from 1995 to 2012, the bank was able to grow in total assets from Dh775 million to Dg18 billion, net customer receivables from Dh525 million to Dh11 billion, and customer deposits from Dh567 million in 1995 to Dh11 billion in 2012.

Capital crew from Dh80 million to Dh2.4 billion, shareholder equity from Dh150 million to Dh4.4 billion, and net profit from Dh28 million to Dh272 billion.


 

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