Sharjah Islamic Bank (SIB) has announced a 29% increase in net profit before tax during the first nine months of 2024, amounting to Dh992.1 million, compared to Dh767.3 million in the same period last year.
The bank’s net profit after tax also saw an 18% rise, reaching Dh902.5 million.
During this period, the bank reported a 22% increase in income from financing and investment products, amounting to Dh2.7 billion, up from Dh2.2 billion in 2023. Additionally, net fees, commissions, and other income surged by 53% to Dh505.8 million, compared to Dh329.6 million in the previous year.
The growth in overall revenue is attributed to SIB’s strong core performance, a customer-centric approach, and the introduction of profitable new customized products.
The bank’s cost-to-income ratio improved to 32.3% from 34.7% in 2023. SIB maintained strong liquidity levels at Dh15.6 billion, consistent with the previous year.
Customer deposits reached AED 48.0 billion, a 6.2% increase from the previous year.
The bank continues to diversify its financing portfolio, achieving a 10.7% increase in total customer financings to Dh36.6 billion. This growth aligns with SIB’s strategic objectives and reflects a stable investment ratio of 76.2% in Islamic finance. Investment securities also grew by 23% to Dh16.7 billion.
SIB’s shareholders’ equity totalled Dh8.7 billion, representing 11.6% of total assets, and a capital adequacy ratio of 17.7% under Basel-III guidelines.
