SIB posts Dh149m H1 profit

Sharjah Islamic Bank announced its 1st Half 2012 results yesterday with net profit of Dh149.2 million, compared to Dh123.3 million of the same period last year, showing a 21 per cent increase.

The balance sheet grew by 2.2 per cent since December 2011 with total assets reaching Dh18.1 billion. Net customer receivables reached Dh10.6 billion rising by Dh142.8 million (or 1.4 per cent) while customer deposits reached Dh10.8 billion rising by Dh385.8 million (or 3.7 per cent) growth since December 2011.

Liquid assets were stable at Dh4.1 billion or 22.7 per cent of the balance sheet at the end of June 2012 compared to a similar Dh4.1 billion or 23.2 per cent of the balance sheet at the end of 2011.

The shareholder's equity amounting to Dh4.4 billion, represents 24.2 per cent of the total balance sheet footing reflecting the bank's strong capital base and strong financial position that will enable the Bank to achieve its strategic objectives.

Mohamed Abdullah, CEO of Sharjah Islamic Bank said: "The 1st half results for 2012 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."

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