SIB's 9-month net profit up 7%

Sharjah Islamic Bank (SIB) on Tuesday said its net profit in the first nine months rose seven per cent to Dh204.7 million as compared to Dh191.6m for the corresponding period last year.

Total assets reached Dh18.9 billion compared with Dh16.7 billion, an increase of 14 per cent.

Net customer receivables totalled Dh10.4 billion as against Dh9.7 billion on December 2010, registering an increase of seven per cent; customer deposits rose seven per cent to Dh11.1 billion by the end of first nine months of this year as compared to Dh10.4 billion at the end of December 2010.

Total shareholder equity amounted to Dh4.4 billion, representing 23 per cent of the total assets; total liquid assets reached Dh5.6 billion which represents 30 per cent of the total assets reflecting the bank’s strong financial position