Sharjah Islamic Bank will double its capital base after posting a net profit of Dh301.8 million for past year, an increase of more than 50 per cent over 2006’s Dh200.6m, the lender said in a statement yesterday.
Assets increased by 42 per cent to Dh10.9 billion; customer financing rose 44 per cent to Dh6.5bn; and deposits went up 58 per cent to Dh7bn, the bank said. The board of directors decided to recommend raising of capital to Dh2.2bn from the current Dh1.1bn.
It also recommended the distribution of Dh220m of 2007 profits as bonus shares, representing 20 per cent of the paid-up capital. It also decided to offer 880m rights shares at a face value of Dh1 plus a premium of Dh1, subject to approval from the Ministry of Economy and the Central Bank.
Chief Executive Mohammed Abdullah said the capital increase comes within the board’s strategy to keep pace with the development witnessed by various Islamic banks as well as its expansion plans.
Abdullah said the Sharjah Islamic Bank in 2007 witnessed considerable development covering all Islamic finance sectors, whether at the level of individual and company services or through the bank’s affiliated companies. (Wam)
SIB sees Dh301m profit