Sharjah Islamic Bank profit rises 12.3%

Sharjah Islamic Bank yesterday said its net profit rose 12.3 per cent to Dh260.1 million, or 11 fils per share, in 2009 compared to the previous year.

In 2008, the bank posted Dh231.6m profit, or 10 fils per share.

The bank’s board of directors proposed a cash dividend of Dh231 million, equivalent to 10 per cent of paid in capital.

Profits allocated and distributed to depositors amounted to Dh303.8 million in 2009 compared to Dh228.1m for the same period last year, an increase of 33 per cent.

Total assets grew by 439.0 million, or three per cent, to Dh16 billion.

Total liquid assets increased by Dh599.5m, or 23 per cent, to reach Dh3.2bn, represented 20 per cent of total assets. Net customer receivables decreased  by Dh182.1m, or two per cent, reaching Dh10bn. Customer deposits grew by Dh791.3m.

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