28/02/2016 14:08 AST
Sharjah Islamic Bank’s ordinary general assembly meeting has approved a cash dividend of 10 per cent of the nominal value of the shares, following the bank’s announcement of a net profit of AED 409.9 million, in 2015. This represents an increase of nine per cent, compared to the AED 377.2 million profit reported in 2014.
The announcement was made during the annual general assembly, which was held in Al Majara Hall at the Sharjah Chamber of Commerce and Industry (SCCI) on 27 February 2016. The meeting was chaired by HE Abdul Rahman Al Owais, Chairman of Sharjah Islamic Bank, who congratulated the shareholders and employees on the 40th anniversary of the bank, in the presence of members of the board of directors, the executive management, shareholders and senior officials from the UAE’s banking and financial sector.
In his statement on the results, HE Abdul Rahman Al Owais, Chairman of Sharjah Islamic Bank, said:
“SIB’s positive financial results in 2015 fit perfectly with our ambition and aspirations. We hope to maintain an upward trajectory of growth. The financial results for 2015 are consistent with the goals and strategies approved by the bank’s board and reflect the strong position and financial performance across all the bank’s activities. The strong financial position and investor confidence were emphasised by the bank’s ability to maintain a BBB+ rating by international credit rating agencies.”
Al Owais added: “This positive trend enabled the bank to win numerous local, regional and international awards in 2015, most notably was the prestigious Mohammed bin Rashid Al Maktoum Business Award. The bank has also received awards for: Best Islamic Bank in the Sukuk (Islamic Bond) structuring category of the Arab Banking Excellence and Achievement Awards, in Egypt; Best Professional Practices in Internal Audit, in the UAE; and Best Call Centre Award in the Best Interactive Voice Response category, in the UAE.
The bank’s strong performance and sound financial position saw total assets reaching AED 29.9 billion, at the end of December 2015, compared to AED 26 billion at the end of 2014 – a growth of 14.9 per cent. Liquid assets reached AED 6.9 billion or 23.1 per cent of total assets, for the same period.
The bank continued to provide financing facilities to large companies and SMEs, across different economic sectors, in accordance with a prudent credit policy that takes into consideration the effects of prevailing market volatilities and instability in global and regional capital markets for banking operations.
Financing facilities reached AED 16.4 billion, an increase of AED 1.9 billion or 13 per cent compared to AED 14.5 billion in 2014. SIB successfully attracted more deposits during the year with customer deposits reaching AED 17 billion – a growth of AED 2.4 billion or 16.2 per cent. Total shareholder equity stood at AED 4.7 billion, representing 15.7 per cent of the total balance sheet.
During 2015, Sharjah Islamic Bank issued a USD 500 million, five-year sukuk (Islamic Bond) as part of its USD 3 billion medium-term notes sukuk programme, thus enhancing the bank's position in this field. This was SIB’s fourth sukuk issuance since 2006, thereby supporting its strategic objectives to diversify sources of funding. As a result, sukuk payables reached AED 5.1 billion, by end of December 2015, compared to AED 3.3 billion at the end of 2014, representing an increase of AED 1.8 billion or 55.6 per cent.
Total operating income reached AED 1.3 billion in 2015 compared to AED 1.1 billion in 2014, with total other income from commissions, investments, subsidiaries and other operating revenues increased by 39.2 per cent, to reach AED 692.2 million in 2015, compared to AED 497.2 million in 2014.
Press Release
Please wait...
