The Sharjah Islamic Bank (SIB) has reported a 31% surge in net profits to Dh841.5 million in 2023, compared to Dh650.9 million in 2022.
The bank’s operating profits witnessed a 23% rise, reaching Dh2 billion for 2023.
The net income resulting from financing and investment products witnessed a significant increase of 20% to reach Dh1.5 billion, while the bank’s revenue from fees, commissions, and other income posted a jump of 23% to reach Dh275.5 million for the fiscal year 2023.
SIB said its total assets registered an 11% increase to reach Dh65.9 billion in 2023, compared to Dh59.1 billion at the end of 2022.
The bank’s total investments in Islamic financing reached Dh33 billion, indicating an 8% increase and its customer deposits recorded a 14.4% growth of Dh5.7 billion, elevating its total deposits to Dh45.2 billion.
The Sharjah Islamic Bank’s board of directors has proposed a 10% cash dividend.
