Sharjah Islamic Bank (SIB) shareholders approved a 15% cash dividend for the fiscal year 2024, amounting to Dh458.7 million.
SIB reported net profits exceeding Dh1 billion for the first time, reflecting a 24.5% increase from Dh851.5 million in 2023. Net profit before tax grew by 36.5% to Dh1.15 billion. The bank’s total operating income rose 10.4% to Dh2.2 billion, while profits from customer and institutional financing increased by 20.6% to Dh3.7 billion. Income from fees and commissions saw a 45.3% jump to Dh400.4 million.
Total assets reached Dh79.2 billion by the end of 2024, a 20.2% increase from Dh65.9 billion in the previous year. The customer financing portfolio expanded by 14.1% to Dh37.7 billion, while customer deposits grew 14.5% to Dh51.8 billion. SIB also reduced impairment provisions by 42.3%, recording Dh253.2 million compared to Dh439.0 million in 2023.
The AGM approved financial statements, profit and loss accounts, and the reappointment of Internal Shariah Supervision Committee members. Shareholders also ratified the Board’s proposal to update the Sukuk Issuance Program for SIB Sukuk 3 Limited, valued at $3 billion, and authorised the issuance of Shariah-compliant capital instruments worth up to $500 million to enhance capital adequacy.
