Sharjah Islamic Bank (SIB) reported a 22.5% increase in Q1 2024 net profit before tax to Dh285.4 million, compared to Dh233.1 million for the same period last year.
Net profit after tax reached Dh259.7 million, up by 11.4%.
The bank attributed the revenue growth to its robust core performance and commitment to a customer-centric approach, along with the introduction of several high-profit-oriented customised products.
Total income from financing and investment products saw a notable increase of 23.5%, totalling Dh858.1 million for Q1 2024, compared to Dh694.6 million for the same period in the previous year. Additionally, net fees, commissions, and other income rose by 20.4% to Dh136.7 million, up from Dh113.5 million for the corresponding period last year.
Despite a marginal increase in general and administrative expenses, reaching Dh174.3 million in Q1 2024 compared to Dh156.1 million for the same period in 2023, the bank managed to improve its cost-to-income ratio to 34.5% from 34.7% the previous year.
In response to ongoing operational risks, the bank increased its provisions by Dh45.0 million for the three-month period ending March 31, 2024, compared to Dh94.7 million for the same period in 2023. The bank’s total assets grew to Dh70.1 billion, reflecting an increase of Dh4.2 billion or 6.4% from the end of 2023.
